Share markets in India fell sharply in the afternoon session as Finance Minister Nirmala Sitharaman, during her Union Budget 2020 speech, revised the country's fiscal deficit target to 3.8% for the current fiscal year, from an earlier target of 3.3%.
The finance minister also announced that the companies won't need to pay dividend distribution tax (DDT).
The BSE Sensex is trading down by 639 points, down 1.4%, while the NSE Nifty is trading down by 206 points.
Shares of L&T and HDFC fell in the range of 3-4%, while SBI, ICICI Bank, and Hero MotoCorp fell over 2%.
Except IT stocks, all sectoral indices are trading in red with stocks in the realty sector, finance sector, and capital goods sector witnessing most of the selling pressure.
More details to follow in the upcoming commentary.
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