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Sensex slumps 394.67 points as market does not give a thumbs up to Budget

The NSE Nifty too fell by 135.60 points to 11,811.15. (Express Photo)

The BSE Sensex Friday slumped 394.67 points and closed at 39,513.39 after the Budget proposal of raising public shareholding threshold stoked fears about liquidity in the market. The NSE Nifty too fell by 135.60 points to close at 11,811.15.

Yes Bank was the top loser in the Sensex pack, crashing 8.36 per cent, followed by NTPC, M&M, Vedanta, Sun Pharma and TCS, which lost up to 4.81 per cent lower. On the other hand, IndusInd Bank, Kotak Bank, SBI, ITC, Bharti Airtel and ICICI Bank rose up to 2.16 per cent.

Ahead of Finance Minister Nirmala Sitharaman presenting her maiden Union Budget in Parliament, the Sensex was recorded at 40,022.73, higher by 114.67 points than yesterday at 9.30am. The Nifty was close to 12,000, up by 31.85 from Thursday.

However, the 30-share index surrendered its early gains as it traded 171.82 points, or 0.43 per cent, lower at 39,736.24 at 11.50 am as Sitharaman presented the budget. Similarly, the 50-share NSE Nifty declined 55.70 or 0.47 per cent, to 11,891.05.

Top losers in the Sensex pack included Yes Bank, ONGC, NTPC, Vedanta, Sun Pharma, Tata Motors, M&M, Tata Steel, Hero MotoCorp and TCS, falling up to 5 per cent. HUL, Asian Paints and Kotak Bank were the only gainers in the index, rising up to 0.81 per cent.

(With inputs from PTI)