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Union Budget 2017: Sensex slides over 98 points as govt readies Economic Survey

Speed News Desk | Updated on: 11 February 2017, 5:44 IST

The benchmark Sensex has dropped over 98 points and the NSE Nifty slipped below the 8,600-mark in early session on 31 January as participants kept their bets to a minimum tracking the Economic Survey due later in the day. The Economic survey will be presented by Finance Minitser Arun Jaitley as the budget session is set to begin today.

The Economic Survey is an official report on the economy over the previous 12 months. The survey reviews the economy and summarises the performance on major development programmes.

Chief Economic Advisor Arvind Subramanian along with his team prepares the economic survey.

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The 30-share index was down 98.02 points, or 0.35 per cent, at 27,751.54, with IT, auto, technology, metal and PSU trading in the negative zone, falling by up to 0.92 per cent.

The gauge had lost 32.90 points in the previous session.

The 50-share NSE Nifty was trading lower by 36.75 points, or 0.43 per cent, at 8,596.

Sentiment remained conspicuously cautious as investors preferred to reduce their positions ahead of the Economic Survey due today and the Union budget tomorrow.

A subdued trend in Asia coupled with a decline on the Wall Street after President Donald Trump's controversial crackdown on immigration and his plans to overhaul work-visa programmes dampened sentiment further here, traders added.

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In the Asian region, most markets are closed today for a public holiday. Japan's Nikkei was down 1.33 per cent in early deals.

The US Dow Jones Industrial Average ended 0.61 per cent lower yesterday.

--With PTI inputs

First published: 31 January 2017, 11:26 IST