As soon as Union Finance Minister Arun Jaitley tabled the Budget 2018, the share market plunged down just like the hopes of the common man from the union budget. According to reports, BSE Sensex was trading lower by 1.15 % soon after the Union Finance Minister tabled Budget 2018 in Parliament. The share market that opened over 36,000 points fell down by 438.79 points soon after the budget was announced in the Parliament today on February 1. The fall in the share market was reported at around 12:23 PM.
The ‘falling points’ effect was also felt on the Nifty which also fell down around 0.54% same time the BSE Sensex faced the jolt. After the budget was tabled by the FM Jaitley, Nifty was also reported to be falling at 10,968 points. The fall in the share market happened on Thursday as Arun Jaitley announced in his Budget speech long-term capital gains (LTCG) tax rate at 10% for gains exceeding Rs 1 lakh. While the budget was being tabled, BSE market breadth was bearish with 1,676 declines and 897 advances.
According to reports, the major gainers of the time were L&T that grew up to 6.09%, IIFL Holdings (9.71%) and also Avanti Feeds that went up by 9.40%. Meanwhile, the losers at the budget time were Fortis (-6.04%) and Religare (-4.95%). As per IANS, the Nifty50 fell by 21.95 points or 0.20 percent to close at 11,027.70 points, while the Sensex closed lower by 68.71 points or 0.19 percent at 35,965.02 points. As per PTI, a sentiment also took a hit after the fiscal deficit target for 2017-18 was raised to 3.5% of GDP as against 3.2% earlier. The target for 2018-19 has been fixed at 3.3% as against the Fiscal Responsibility and Budget Management Act target of 3%.