Stock markets fall after economic review, now eyes on budget

The stock market closed with a fall on Friday, the last day of the trading session.  The Economic Review for the financial year 2019-20 pre...

The stock market closed with a fall on Friday, the last day of the trading session. The Economic Review for the financial year 2019-20 presented in Parliament suggested to 'relax' the fiscal deficit target to encourage growth.

The stock markets fell on Friday, a day before the Mumbai general budget. While the Bombay Stock Exchange Sensex lost 190 points, the Nifty fell below the 12,000 mark level. The Economic Review for the financial year 2019-20 presented in Parliament suggested to 'relax' the fiscal deficit target to encourage growth. The selling markets came under selling pressure in the afternoon after the stock market opened up strongly in early trading.

The 30-share Sensex of the Bombay Stock Exchange fell strongly in the last hour of trading. The Sensex finally ended at 40,723.49, a loss of 190.33 points or 0.47 percent. It touched a high of 41,154.49 points during trading. It also came to a low of 40,671.01 points. Similarly, the National Stock Exchange Nifty lost 73.70 points or 0.61 percent to 11,962.10 points.

The Economic Review has estimated that the economic growth rate will improve from 6 to 6.5 percent in the next financial year. It is estimated to be 5 percent in the current financial year. However, the review suggests a 'relaxation' in the fiscal deficit target to encourage economic growth. Traders said the economic review described difficult fiscal conditions. Private investors will remain out of the market if the government takes more loans from the market.

Among Sensex companies, ONGC shares lost the most by 5.80 percent. Shares of Powergrid, HCL Tech, TCS, Tata Steel, and Reliance Industries also lost. On the other hand, Kotak Mahindra Bank's stock gained 3.87 percent. The bank has settled its dispute with the Reserve Bank in the context of Uday Kotak's stake. SBI's stock climbed 2.53 percent. The bank's December quarter net profit rose 41 percent to Rs 6,797.25 crore.

IndusInd Bank, Bharti Airtel, Bajaj Auto, and Hero MotoCorp also gained. Now all eyes are on the general budget to be presented on Saturday. Stock markets will have normal trading on Saturday. Vinod Nair, head of research, Geojit Financial Services, said investors are shying away from major initiatives ahead of the budget. Now everyone's eyes are on what steps the government takes to encourage the increase in the budget. If the government increases spending for this, the fiscal deficit can increase.

BSE Midcap and Smallcap were also in the loss. Investors on the global front are still assessing the impact of coronavirus spread in China. So far 213 people have died in China due to coronavirus. Meanwhile, Hong Kong's Hang Seng and South Korea's Kospi declined. Japan's Nikkei climbed one percent. There was a holiday in the Chinese market. European markets were down in early trade. Brent crude oil futures gained 0.38 percent to $ 57.55 a barrel. In the interbank foreign exchange market, the rupee gained 25 paise to close at 71.33 per dollar.



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Today's Latest news, Know What's happening in India- with Stock markets fall after economic review, now eyes on budget
Stock markets fall after economic review, now eyes on budget
Today's Latest news, Know What's happening in India- with
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