Markets see red post Budget 2018
Benchmark indices were in a sea of red, down close to 600 points on Friday. BSE Sensex was at 35,322.45, down by 584.21 or 1.63 per cent, Nifty50 was at 10,834.40, down by 182.50 or 1.66 per cent at around 10:30 hours.
Markets seem to be extremely disappointed by the Union Budget 2018, which has left almost everyone with a bad taste in the mouth. Be it retail investors or corporate bigwigs, every player in the Indian stock market is feeling leftout by the Finance Minister.
As the impact of all the allocations and announcement made in the budget is far-fetched, market battered with the introduction of LTCG tax is reacting to negative sentiments which far overweigh the positive effects of a pro-rural budget.
Experts believe that on Thursday post the budget announcement, the government had employed state-owned investors like LIC and SBI to put funds in the market to fight back post-budget sell-off. It is expected that the upcoming trading sessions will give a true picture of investor sentiments.