India equity benchmarks open lower, sentiment subdued after budget
India's equity benchmarks inched lower at the open on Monday, following a broad-based sell-off during Sunday's special trading session after the federal annual budget failed to deliver on key measures to draw foreign investors.
The Nifty 50 shed 0.12% to 24,796.5, while the BSE Sensex shed 0.21% to 80,555.68 as of 9:15 a.m. IST.
Ten of the 16 major sectors logged losses. The broader small-caps lost 0.2% while mid-caps were little changed.
The benchmark indexes slid about 2% the previous day, logging their biggest percentage drop on a budget day trading session in six years, as investors digested the government's budget for fiscal year 2026-27.
Analysts at Jefferies said the lack of capital gains-related relaxations for foreign portfolio investors in the budget was a negative considering the outflows and weak rupee.
Market sentiment was also weighed down by a higher gross borrowing target, which triggered a spike in bond yields.
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