Sensex Plunges 395 Points As Budget Fails To Cheer Markets: Highlights
The S&P BSE Sensex and NSE Nifty 50 Indexes plunged as Budget proposals failed to cheer investor sentiment. The Sensex fell 395 points to settle at 39,513 and the NSE Nifty 50 Index dropped 136 points to close at 11,811. Analysts pointed at proposal to raise minimum public shareholding and no relief for large companies on corporate tax front in the Budget 2019 as some of the reasons for selloff in the equity markets today. The Selling pressure in today's session was broad-based as seventeen of 19 sector gauges compiled by BSE ended lower and the mid- and small-cap shares also faced the heat of selling pressure. Finance Minister Nirmala Sitharaman proposed increasing the minimum public shareholding in listed companies to 35 per cent from 25 per cent, threatening a wave of new issuance.