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Budget 2020 Share Market Live: Sensex, Nifty deep in red; FM Sitharaman announces to raise funds via LIC IPO

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Budget 2020 Live Updates, Share Market 2020 Live

Share Market Budget 2020-21 Live Streaming: Domestic equity benchmarks Sensex and Nifty tanked over 1 per cent each as FM Sitharaman revised the country’s fiscal deficit target to 3.8 per cent for the current fiscal year, from an earlier target of 3.3 per cent. At 1.30 PM S&P BSE Sensex tumbled 550 points or 1.35 per cent at 40,173 points while the broader Nifty 50 index, slipped below crucial 11,800 mark, and was ruling at 11,754, down 207 points or 1.73 per cent. 26 out of 30 stocks were trading in red on Sensex. LT, Hero MotoCorp, HDFC, ICICI Bank were among the top losers while Hindustan Unilever, TCS, Infosys gained the most. Nirmala Sitharaman in her Budget speech also announced that the government is planning to sell a part of holding in public sector behemoth Life Insurance Corporation of India (LIC).

IDBI Bank share price surged over 17% after the FM Sithraman in her Budget speech said the government would sell its entire stake in the bank to private players.

Nifty sectoral indices were trading mixed in the trade today. The Nifty Bank index slipped 133 points to trade at 30,700 dragged by Kotak Mahindra Bank, IndusInd Bank, HDFC Bank. While the Nifty FMCG index, was trading higher led by gains in Hindustan Unilever, Emami and Marico. The broader markets outperformed the equity benchmarks. The S&P BSE MidCap index was trading 31 points or 0.20 per cent higher at 15,492, while S&P BSE SmallCap index was ruling flat at 14,671 points.