Markets give up weekly gains after budget
Indian equity benchmarks ended lower after the Finance Minister’s Nirmala Sitharaman presented the budget for FY19-20. Markets ended with marginal losses on a weekly basis.
The markets lost all the gains of the initial part on the day on Friday after sharp selling followed the budgetary announcement. The BSE Sensex on Friday closed 395 points or 0.99 per cent lower at 39,513 and the Nifty closed at 11,811.15, down 1.14 per cent. The broader market index represented by the Nifty 500 closed 1.22 per cent lower. The BSE Mid cap index closed lower by 1.39 per cent or 207.80 points at 14725.65 and BSE Small cap closed lower by 1.36 per cent or 195.21 points at 14141.83.
The benchmarks indices trimmed their weekly returns, after gains by Indiabulls Housing Finance and IndusInd Bank during the week were offset by losses in Yes Bank and Sun Pharmaceutical Industries. The market breadth was tilted in favour of sellers.
Going ahead, the markets are expected to focus on earning numbers of Q1FY20. The numbers from the auto sector can be expected to be negative as there is no respite seen in their sales numbers. On the other hand, the banking sector can come up with a few surprises. The sector may see some positive momentum after Rs. 70,000 crore recapitalisation announced in the budget.