The much-awaited maiden budget of the Narendra Modi government failed to meet high investor expectations of big-bang reforms, with the benchmark sensex on Thursday ending 72 points down to nearly two-week low level after witnessing a rollercoaster ride.
The Budget, which is the first official road-map of the Modi-led dispensation for fiscal consolidation and growth strategies, committed to medium-term consolidation and announced measures to attract capital inflows and boost investments.
However, experts said the issue on unpaid subsidy bills remains unresolved, which disappointed markets that embarked on a record-setting spree after Modi-led NDA assumed power at the Centre.
After finance minister Arun Jaitley began reading his Budget speech, the sensex started declining and tumbled over 300 points at noon. Markets however recouped losses as he completed the speech and the BSE 30-share index soared over 475 points to hit day’s high of 25,920.46.