Union Budget 2016-17: Sensex, Nifty continue to struggle; Reliance, ITC surge 2%

Moneycontrol Bureau

The Sensex is down 183.50 points or 0.8 percent at 22970.80 and the Nifty is down 53.15 points or 0.8 percent at 6976.60. About 1017 shares have advanced, 1397 shares declined, and 167 shares are unchanged. ICICI Bank, Reliance, ITC, Lupin and SBI are top gainers while ONGC, Maruti, BHEL, Infosys and L&T are majr losers.

The government aims to collect Rs 56,500 crore through disinvestment in PSUs in the next fiscal, as per the Budget for 2016-17.

Of the total budgeted proceeds, Rs 36,000 crore is estimated to come from minority stake sale in PSUs, and the remaining Rs 20,500 crore is projected to come from strategic sale in both profit and loss-making companies.

As regards the current year, the government has been able to meet less than half the budget estimates at Rs 25,312 crore as against the target of Rs 69,500 crore.

The revised estimates have pegged the disinvestment receipts from minority stake sale in PSUs at Rs 25,312 crore, as against the target of Rs 41,000 crore. It does not expect any revenues from strategic stake sale.