Union Budget 2020: Sensex, Nifty under pressure as Wall Street jitters from Coronavirus

Indian markets came under pressure as Wall Street's major avers tumbled more than 1.5% on Friday as investors got spooked by  deadly Coronavirus spread and its impact on global ecomy and mixed corporate earnings of US firms. BSE opened on a weaker te with benchmark Sensex down nearly 200 points to 40,444 while NSE Nifty 50 plunged by 0.16%.

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Gains and losses

Among top gainers, Hindustan Unilever rose 2% on hopes that Union Budget 2020 will pump up stimulus and focus on job creation that will help lift demand for FMCG goods. Ultra Cement also rose 1.15% as hopes are up for greater infrastructure spending and possible new stimulus to housing sector. Tech Mahindra, PowerGrid, Tata Steel, NTPC, Kotak Bank and HCL Tech were among top laggards, shedding up to 3%.

In previous session, Sensex settled 190.33 points, or 0.47%, lower at 40,723.49, after Ecomic Survey suggested relaxing fiscal deficit target to boost growth from a decade low. Likewise, broader NSE Nifty shed 73.70 points, or 0.61%, to finish at 11,962.10.

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Wall Street spooked, worst week in 6 months

Risk aversion has risen among global investors as coronavirus reaches countries way beyond China and countries scramble to cease transportation links with it. Wall Street sealed its worst week in six months. After suffering its biggest one-day percent decline since October 2, S&P SPX 500 was down more than 3% from its closing high hit earlier in January, as businesses struggle with supply problems from coronavirus epidemic that has killed 259 people in China and has been declared a global emergency.

Dow Jones Industrial Aver fell 2.09% to 28,256.03, while tech-heavy Nasdaq Composite IXIC dropped 148.00 points, or 1.59%, to 9,150.94.

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Union Budget 2020

This year's Budget assumes tremendous significance as Indian ecomy is facing multiple challenges such as a rise in inflation, unemployment, farmer distress and a dip in GDP growth. government has taken inputs from multiple stakeholders. Sitharaman has also anunced a series of reform measures in last few months to give a boost to ecomy.

(Representation Im Credit: AP)

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