Mumbai, February 1: The stock market on Budget Day tanked by near 987  or 2.43 percent points in Sensex and closed at 39,735.53 after Union Finance Minister Nirmala Sitharaman read out the Union Budget 2020-21 in the parliament. Also, NSE Nifty too closed the stock market with 170.65 point down or 1.43 percent at 11,791.45. Earlier, the market opened low at benchmark on the Budget day on Saturday. BSE Sensex opened with a lower value of 154 points or 0.38 percent at 40,567, while Nifty opened at 11,929 with a drop of 23 points or 0.19 percent. The value of United States dollar was priced at Rs 71.34.

Previously on Friday, the market benchmark equity Sensex dropped by 0.47 percent, or 190.33 points, to close at 40,723.49, while Nifty nosedived 0.61 per cent, or 73.70 points, to close at 11,962.10. Looking at the indices move, January seemed to be the worse month since 2016. Both Sensex and Nifty fell 1.3 per cent and 1.8 per cent, respectively. Apart from this, gold was closed the trading at Rs 41,000 for 10 grams, while silver Rs 46,989 per kilogram on MCX index. Budget 2020: Nirmala Sitharaman to Make Her Second Budgetary Speech Today, Rejig of Income Tax Slabs Likely.

Earlier on Friday, Union Finance Minister Nirmala Siatharaman tabled the 14-page 'Economic Survey 2019-20' in the parliament. This time the Economic Survey pegged the country's economic growth at 6-6.5 percent in the upcoming financial year. Following this, Chief Economic Adviser Krishnamurthy Subramanian about the Economic Survey and pointed out the fiscal deficit target may have to be relaxed for current year (FY 2019-20) to 3.3 percent from 3.4 percent in the previous year (FY 2018-19), as the a 'strong rebound' to revive growth of the economy.

With the economic budget to be presented in the Lok Sabha at 11 am today by the Union Finance Minister, expectations are high that the the market would show some improvement. It is to be known that this is for the second time in last six years that the Union Budget is being presented on a Saturday. With this, the share market in open has been kept open.

(The above story first appeared on LatestLY on Feb 01, 2020 09:28 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).