Mumbai: The BSE Sensex fell 1.19 percent on Friday, in its second consecutive day of fall, after the government unveiled a budget for the next financial year that was seen as too modest for businesses expecting more concessions.
The 30-share benchmark index ended 209.65 points lower at 17,466.20 with 23 of its components closing in the red.
The broader 50-share National Stock Exchange (NSE) Nifty index ended 1.16 percent or 62.60 points lower at 5,317.90 points on Friday.
Oil stocks led the day’s decline after the budget proposed raising the tax on production, or cess, on crude oil while a number of other energy related sectors also lamented a lack of reforms.
Analysts largely rated the budget as disappointing, noting the politically vulnerable government had avoided bold reforms, opting for cautious steps to cajole flagging growth and setting inadequate targets to rein in a gaping deficit.