Post the budget, the carnage on Dalal Street shaved off $70 billion off domestic equities, sending shivers down investors' spine.
The combined market capitalisation of all companies listed on the BSE fell by Rs 4.7 lakh crore to Rs 148.4 lakh crore, from Rs 153.1 lakh crore previously, as the bulls gave into the bears.
The government's move to bring back long-term capital gains tax on equities and retain securities transaction tax (STT) has raised questions in many quarters.
Besides, the fiscal deficit target for FY18 was extended to 3.5 per cent of GDP in the Budget, from 3.2 per cent pegged earlier. What hurt the most was a target of 3.3 per cent for FY19 against the 3 per cent projected earlier. Analysts were looking at a figure of 3.2 per cent.
The BSE Sensex tanked 840 points to 35,066, while NSE Nifty index settled 256 points down at 10,760.
However, Finance Minister Arun Jaitley through his Budget has tried to keep all sectoral investors excited. The broader objective is to push infrastructure and revive the rural economy.
We spoke to Gaurang Shah of Geojit Financial Services on Friday to understand how long the correction will continue and which themes are looking good after the Budget.
Byte 1: Gaurang Shah
We also spoke to G Chokkalingam of Equinomics Research and Advisory. Here is what he said
Byte 2: G Chokkalingam
In a chat with ET markets Gaurav Dua of Sharekhan said:
Byte 3: Gaurav Dua
That's all for today. Do come back for our special weekend podcast next Saturday and check out our daily market podcasts every morning and evening only on www.ETmarkets.com.