The BSE benchmark Sensex was seen trading below 1000 points at a time in day trading. At the same time, the Nifty went below the 11750 levels. Let us know which of the announcements spoiled the mood of the market.
Finance Minister Nirmala Sitharaman’s budget 2020-21 The stock market did not like it. The mood in the budget turned off and the falling Sensex-Nifty took a big dive. The BSE benchmark Sensex was seen trading below 1000 points at a time in day trading. At the same time, the Nifty went below the 11750 levels. The Sensex finally ended with a loss of 987.96 points at 39,735.53 and the Nifty fell 318 points to close at 11643.80. Let us know which of the announcements spoiled the mood of the market.
no sector got anything special
No special announcements have been made in the budget for any particular sector, whether it is the auto sector or real estate sector which has been experiencing downturn for a long time. It was hoped that there would be some announcements for sectors suffering from sluggishness to encourage consumers to get out of the economic slowdown. Vinod Nair, Research Head, Geojit Financial Services, has not met expectations. According to him, the market had high expectations from the budget. He said the support that was to be given to the economy to increase spending did not show up in the budget.
No announcement on LTCG tax Therewere expectations that Sarkara would eliminate the Long Term Capital Gains (LTCG) tax in this budget or change the definition of long term, which would be in the interest of investors. However, nothing was done that disappointed the market.
High disinvestment target
The government has set a big target for disinvestment in budget announcements. For FY 2021, the government has set a disinvestment target of Rs 2.10 lakh crore, which is considered to be a very high target. The government has decided to betonway its stake in LIC. Apart from this, the government will also sell some of its stake in IDBI.
End of Dividend Distribution Tax (DDT) Finance Minister Nirmala Sitharanan announced the abolition of DDT in the budget, which will increase the burden on the exchequer by Rs 25000 crore. However, experts believe that this is negative news for investors as the dividend will now be added to the taxpayer’s income.
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