NEW DELHI: At first glance, it looked like Union Budget 2019 has disappointed Dalal Street, as equity benchmark Sensex plummeted nearly 600 points from the day’s high as soon as the Budget speech ended. That, even when the Budget didn’t have anything significantly negative for the market. Finance Minister Nirmala Sitharaman presented a Budget that promised large infrastructure investment, offered a rescue package for the distressed NBFCs and allocated an unexpectedly higher Rs 70,000 crore towards recapitalisation of public sector banks. The best part was that the Finance Minister promised to not burden the domestic market with government borrowing and offshore a part of her borrowing programme to ensure that interest rates in the economy remain low. While the Finance Minister did not tinker with the long-term capital gains tax on equity, which the market considered a pain in the neck, she did tweaked the STT or securities transaction tax some bit, by announcing that it will now be levied only on the difference between strike price and settlement price. “At best, this is an incremental budget. No bold steps, no visionary things announced. Seemed more like a supplementary budget,” said eminent economist Swaminathan Aiyar. He said he was also… Read full this story
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Sensex down 395 points: Why the stock market did not like the Budget have 309 words, post on economictimes.indiatimes.com at July 5, 2019. This is cached page on VietMaz. If you want remove this page, please contact us.