Stock market tanks amid budget speech, NIFTY below 11,900-mark

Domestic equity benchmark BSE Sensex Friday tanked over 150 points amid Finance Minister Nirmala Sitharaman’s maiden budget speech and lost the morning trade gains. The NSE NIFTY also dropped over 60 points as soon as the finance minister began her budget speech.

Earlier today, the Sensex jumped 124 points to touch reclaim the 40,000-mark and reached intraday high of 40,031.81, while the NSE Nifty 50 Index advanced 35 points to 11,982.

Top gainers in the Sensex pack in early trade included HDFC Bank, HDFC, Reliance Industries, Larsen & Toubro, Hindustan Unilever, Asian Paints and Kotak Mahindra Bank. On the other hand, Yes Bank, ONGC, Vedanta, NTPC, Tata Motors, Hero MotoCorp, ITC, Bharti Airtel and TCS were among the losers, shedding up to 1.82 per cent.

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In the meantime, the mid-cap and small-cap shares were witnessing a mild buying interest as the S&P BSE MidCap Index and S&P BSE small-cap index rose 0.14 and 0.18 per cent each respectively.

The Indian rupee depreciated 16 paise to 68.66 against the US dollar. In the meantime, the global oil benchmark Brent crude futures were trading 0.05 per cent lower at 63.27 per barrel. In the previous session, the BSE gauge settled 68.81 points, or 0.17 per cent, higher at 39,908.06, while the Nifty climbed 30 points, or 0.25 per cent, to 11,946.75.