NEW DELHI: The BSE PSU index was down ahead of Union Budget in Friday's morning trading session.Shares of NTPC, ONGC, HPCL, IOC, NMDC, MRPL and BPCL were down upto 3 per cent.
The BSE PSU index was trading 0.78 per cent down at 7831.93 around 10:33 am.
Since the February Interim Budget, actual tax revenues for FY19 have been disappointing and Nomura India said the Interim Budgets revenue targets need to be scaled down to maintain credibility.
As Baruah of HDFC Bank pointed out, to take care of expenditure, other sources of funds will be needed.
Disinvestment may come in handy.
Analysts largely expect the Finance Minister to set a disinvestment target of Rs 1 lakh crore to Rs 1.10 lakh crore for FY20, higher than Rs 90,000 crore targetted in the Interim Budget.
Meanwhile, shares of YES Bank, Vodafone Idea, GMR Infra, PNB, Bank of Baroda, Dish TV India, Adani Power, SAIL, Indiabulls Housing Finance and UPL were among the most traded shares on the NSE.