The Narendra Modi Government’s maiden Budget failed to enthuse investors, who had hoped for some big announcements. Trading turned choppy after the Budget speech began and both benchmark indices closed in the red as profit-booking erased mid-session gains. During the day, the Sensex swung over 800 points.

While the Sensex ended the day at 25,373, down 72 points or 0.28 per cent, the Nifty closed at 7,568, down 17 points or 0.23 per cent. Realty stocks hogged the limelight on the BSE, rallying 4.96 per cent, while the consumer durables sector was worst hit, closing 3.11 per cent lower.

However, the move to allow FDI in insurance and defence, the thrust on power-sector development, and the ₹37,850-crore outlay for road infrastructure were hailed by most market players.

“Overall it’s a positive Budget but I would have liked more clarity on the rollout of GST and rollback of retrospective tax. All expectations of the Budget have now been adjusted and the markets will be looking at the next triggers, such as the progress of the monsoon and corporate results,” said Sudip Bandyopadhyay, MD and CEO, Destimoney Securities.

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