Share Market / The impact on the stock market was visible on the second day of the budget, the Sensex opened with a record decline

Share Market: On the second day of the budget, a lot of upheaval is being seen in the stock market. The news has come this morning itself that Adani Group has canceled its FPO. Sensex started trading with a record low. Right now it is trading down 249 points. Due to this the Sensex has come down below 60,000. Same is the case with Nifty. It is trading at 18,464 points with a fall of 70 points.

The impact of the budget was visible on the market yesterday

There was tremendous upheaval in the stock market on the budget day. Yesterday morning, the market opened with a gain of about 450 points and jumped up to 1200 points amid the budget speech of the Finance Minister. But as soon as the budget announcements came down, there was a sudden big sell-off in the market and after jumping 1,223 points, the market closed with a gain of only 158 points.

Talking about yesterday's trade, the 30-share BSE benchmark Sensex rose 158.18 points or 0.27 per cent to close at 59,708.08. It had risen 2 percent to Rs 60,773.44 at the time of presentation of the budget during the day. In contrast, the NSE Nifty closed at 17,616.30, down 45.85 points or 0.26 per cent.

According to traders, expectations were high in the market due to announcements of thrust on consumption and capex, due to which the market showed an uptrend. But in the last hours of trading, the decline of Adani Group again dominated the market and the market collapsed.

Strong beating in insurance stocks

Life insurance companies have seen heavy selling due to the new tax regime being pushed in the Budget, making insurance products less attractive as a tax-saving vehicle, said Vinod Nair, Head of Research, Geojit Financial Services.HDFC Dhiraj Reilly, MD & CEO, Securities said, "Markets are now looking at other triggers, now the market will be watching US Fed results and RBI policy coming on February 8, along with corporate quarterly results."

There was a sharp slowdown in these stocks

ITC, Tata Steel, ICICI Bank, Tata Consultancy Services, HDFC, HDFC Bank and Kotak Mahindra Bank were top gainers on the Sensex, on the other hand, Bajaj Finserv, State Bank of India, IndusInd Bank and Mahindra & Mahindra major were beaten.