The impact of Union budget 2020 soon started showing its reverberations. Showing an unimpressive trend Sensex nosedived 988 points to close at 39,736. The broader NSE(National Stock Exchange) Nifty closed 318.30 points or 2.66 percent lower at 11,643.80.
Overall, the Union Budget 2020 is tipped with a massive sell-off of capital goods and financial stocks. The farmers’ insurance and 16 point support for agrarians were literally an insufficient buffer for the cash crunched economy India is going to face in 2020. ITC, HDFC, LT, SBI, ONGC, ICICI Bank and M&M all dived low with their shares falling as much as 6.74 percent. 25 out of 30 stocks ended in red.TCS, Hindustan Unilever, Nestle India, Tech Mahindra, and Infosys were the only marginal gainers.