Budget shocks stock market, Sensex and Nifty recover after big fall

New Delhi, July 23 (HS): The domestic stock market is now seen recovering from the shock after the presentation of the budget today. The stock market had fallen by more than 1.5 percent during the budget speech of the Finance Minister. But after the budget speech is over, the stock market seems to be recovering rapidly. After trading till 1 pm, the Sensex was trading with a decline of 0.63 percent and Nifty with a decline of 0.62 percent.

Today's trading started with a rise. But in the early trade itself, investors adopted a cautious stance and started trading at a flat level. Even after Finance Minister Nirmala Sitharaman started her budget speech, the stock market continued to trade at a flat level with a slight decline for a long time. But as soon as the Finance Minister started speaking on the provisions related to the industrial and corporate sector around 12:15 pm, there was a strong selling pressure in the market, due to which both the Sensex and Nifty indices fell by more than 1.5 percent.

The extent of selling pressure during this period can be gauged from the fact that the Sensex fell 1,542.09 points from the upper level to reach 79,224.32 points with a weakness of 1,277.76 points. Similarly, the Nifty fell 508.35 points from the upper level to 24,074.20 points with a weakness of 435.05 points.

However, in the next 15 minutes of trading, buyers again dominated the market and started buying all around, due to which both the stock market indices started recovering from the lower level. With the support of continuous buying, at 1 pm, the Sensex recovered 768.16 points from the lower level and was trading at a level of 79,992.48 points with a weakness of 509.60 points. Similarly, the Nifty improved 283.60 points from the lower level and reached a level of 24,357.80 points with a decline of 151.45 points.