Major events today – Gail : Ex Bonus, TCS Q1 results and India New Zealand Semifinal world Cup match.
Yesterday, Sensex declined nearly 900 points and Nifty nosedived 253 points (2.2%) to close at 2-month low at 11550, one of the biggest single day fall since last 8-month. Nifty shed 380 points (3.2%) in the last two consecutive days after the announcement of Union Budget. Bank Nifty declined nearly 3% (872 points), one of the biggest fall since 2016. Union Budget 2019-20 have failed to optimist investors on account of lot of expectation in the market and did not turn out to be favourable for investors. Proposals like surcharge on high income generating groups, increased threshold of minority shareholding from 25 per cent to 35 per cent, no specific announcement to revive consumption and weak global cues which have a negative impact in the market.