Budget 2019: Sensex gives up gains, falls over 150 points; Yes Bank, ONGC, Tata Motors among top losers

Source: firstpost.com

The Sensex and NSE Nifty declined dragged by losses in oil and gas, metal and power stocks, after Finance Minister Nirmala Sitharaman began her Budget speech for Financial Year 2019-20. Earlier, the Sensex crossed the 40,000 mark during early trading hours.

During early trade on Friday before the Budget presentation,, Sensex crossed the 40,000 mark in early trade at 40,006.26 on Friday, with investors awaiting details from the Union Budget due at 11 am today. The NSE Nifty had inched closer to the 12,000 level

The 30-share index was trading 171.82 points, or 0.43 percent, lower at 39,736.24 at 1150 hours. Similarly, the 50-share NSE Nifty declined 55.70 or 0.47 percent, to 11,891.05.

Top losers in the Sensex pack included Yes Bank, ONGC, NTPC, Vedanta, Sun Pharma, Tata Motors, M&M, Tata Steel, Hero MotoCorp and TCS, falling up to 5 percent. HUL, Asian Paints and Kotak Bank were the only gainers in the index, rising up to 0.81 percent.

Presenting the full Union Budget for 2019-20, Sitharaman said India needs to make structural reforms to achieve the target of $5 trillion economy in the next few years.

She said it was the right time to consider increasing the minimum public shareholding from 25 percent to 35 percent.

The Budget also proposed rationalisation and streamlining of KYC norms for Foreign Portfolio Investors to make them investor-friendly.

Sitharaman said the government proposes to initiate steps for an electronic fundraising programme for a listing of social enterprises and voluntary organisations.

Interoperability of RBI depositories and SEBI depositories is necessary for seamless transfer of treasury bills, she said, adding the government will take necessary measures for the same.

The rupee, meanwhile, depreciated 24 paise to 68.74 against the US dollar.