On a day of 'no negative surprises': Adani stock rout spoils party

Nifty falls over 2% from day's high to end in the red...

The rout in shares of Adani group saw the benchmark Nifty end in the negative on Wednesday. This was the first decline for the 50-share index on Union Budget day in three years. In intra-day trade, the Nifty swung about 620 points, or 3.6 per cent — the third most during the 11 budgets presented since Narendra Modi took charge as the country’s Prime Minister in 2014.

The markets opened positive amid positive global cues and soared more than 2 per cent following the announcement of Budget measures, which included reduction in income taxes and increased spending on infrastructure development.