As soon as the budget is over, the market is scattered like cards, earning 1200 points in the storm of selling

Today, on the day of the budget, the tremendous upheaval was seen in the stock market. This morning, with a gain of about 450 points, the open market 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. Let us know that tonight the US Federal Reserve will announce the monetary policy. Due to which pressure was seen in foreign markets as well as in Indian markets.

Talking about today's trade, the 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 percent to close at 59,708.08. It had risen 2 percent to Rs 60,773.44 at the time of the 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, due to the announcements of emphasis on consumption and capex, the expectations in the market were high, due to which the market showed a boom. 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

(ASHNA)