Budget 2020 impact: Bearish trend likely to stay down in stock market

With the exception of IT, every sectorial index at the NSE is in a downturn

The market response to the Budget was extremely bearish. The sell-off can be partly attributed to the fear of coronavirus impacting world growth since that has induced FPIs (foreign portfolio investors) to sell in most markets. But a large proportion of the sell-off came from disappointed domestic investors. 

The domestic institutions are likely to come in on Monday and they might try to shore up indices, but the trend is likely to stay down. In purely technical terms, the Nifty has slid till around its own 200 Day Moving Average and a further fall would indicate a long-term bear market. A