Sensex Recovers From Budget Blues

by GoNews Desk 3 weeks ago Views 1155
Sensex Recovers From Budget Blues
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After a decidedly up-and-down day, stock markets recovered from the budget blues on Monday with the benchmark index Sensex rising 137 points to close at 39,872.

The sectoral indices including banking, auto, FMCG and metal shares ended with gains. On the budget presentation day on Saturday, the Sensex had dropped by 1000 points and finally closed with a fall of 708 points as the budget failed to enthuse investors.

Also Read: Budget 2020: Just 8 Paise In A Rupee For Defence

The Sensex closed with a gain of 137 points after closing at 39,872 points on Monday, following Saturday's sharp fall. The reason for the boom in the market was the manufacturing sector, where the best figures for the last eight years were recorded in January.

The investors were hopeful that the government would announce some major decisions to revive the slowing economy but that was missing from Finance Minister Nirmala Sitharaman's longest budget speech.

While the 30-share BSE Sensex gained 137 points to close at 39,872, Nifty 50 climbed 46 points to close at 11,708. The top gainers in the index were Asian Paints, Nestle India, Bajaj Auto and Britannia, while Bharti Infratel, ITC, Yes Bank, TCS and GAIL saw the biggest drop.

On Saturday, following the presentation of budget, the Sensex saw a sharp decline: the realty sector was down by 7.82%, capital goods 4.79%, industrial sector 3.94%, finance 3.8%, banking sector 3.2%, power sector 2.99%, oil and gas 2.59%, auto sector 2.47%, energy 2.33%, consumer Goods 2.25% and the health care sector declined 1.60%.