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‘Because, Weekend’: Sitharaman’s Response to Why Sensex Crashed on Budget Day

File photo of Finance Minister Nirmala Sitharaman.

File photo of Finance Minister Nirmala Sitharaman.

Responding to a query, Finance Minister Nirmala Sitharaman blamed ‘weekend mood’ for the sharp fall of the market on February 1. Investors, she said, are in the ‘true working mode’ on Mondays.

New Delhi: Finance Minister Nirmala Sitharaman, who was in FCCI on Tuesday to address a gathering, was asked a question that she was perhaps unprepared to answer.

“Why was Sensex not happy on Budget day?” the finance minister was asked as she sat down to interact with the press.

Responding to the query, she blamed ‘weekend mood’ for the sharp fall of the market on February 1. Investors, she said, are in the ‘true working mode’ on Mondays.

“Why was Sensex not happy on the day of Budget? But I see them being happy today. So… weekend mood. But today is Monday. Monday is the true working mood, and today’s mood is that they are happy. Aren’t they? Not exuberant but happy somewhat,” the finance minister said.

Stock exchanges NSE and BSE remained open for trading on the budget day on Saturday this year. NSE Nifty had closed at 11,661, lower by 300 points, whereas the BSE Sensex had reached 39,735 -- down by 987.96 points from the previous 40,723. The fall was mainly blamed to the investors’ dissatisfaction with the budget presented by Sitharaman.

However, the markets showed signs of recovery on February 3 with the index closing higher by 137 points. The BSE Sensex rose by 136.78 points and settled at 39,872.31

first published:February 04, 2020, 08:46 IST