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Siddhant - A Journal of Decision Making
Volume 19, Issue 2, April-June, 2019, pp- 87-97
87
DOI: 10.5958/2231-0657.2019.00001.6
Siddhant - A Journal of Decision Making
1,2Assistant Professor, Department of Commerce, Ravenshaw University, Cuttack, Odisha, India
(*Corresponding author) email id: *sanjeebkumardey@ravenshawuniversity.ac.in, 2madhu219@yahoo.co.in
IndianJournals.com
A product of Diva Enterprises Pvt. Ltd.
Immediate Impact of Union Budget Announcement on Stock Market
Sectorial Indices: Evidence from NSE, India
Sanjeeb Kumar Dey1* and Madhumala Pathy2
Received: 27-2-2019; Accepted: 10-5-2019
ABSTRACT
The union budget is perhaps the most watched event in economic policy making in India. Casual empiricism reveals
that stock market activity tends to be greatly influenced by the budget. In this paper, we seek to explore the interplay
between the budget and the stock market. We have studied the immediate impact of budget on NIFTY index and other
sectorial indices. The stock market indices are like a barometer of the market. They help the investors to identify the
broad trends of the market. Investors use them before allocating the funds among the stocks. As the present study
analyses the reaction of stock market on the budget announcement, this will help investors to invest cautiously. It
helps the investors to minimize their overall risk and maximize returns of their investment during this period. The
collected data have been analysed by using statistical tools like Mean, Standard deviation, Co-efficient of variance and
t-test. All calculations have been done with the help of SPSS and Minitab software. The study shows that the indexes
of NIFTY, banking sector, financial service sector, automobile sector, pharmaceutical sector, private sector banks and
public sector banks are being affected by the declaration of annual budget. However, the declaration of annual budget
has no significant impact on FMCG First Moving Consumer Goods sector, Information Technology sector, media and
entertainment sector, metal sector and real-estate sector.
Keywords: Budget announcement, NIFTY volatility, Sectorial indices, Impact analysis, Stock market
INTRODUCTION
Government budget announcement would be a most
awaited event by many parties in a country because it
defines the financial road map of the country for the
preceding year. The governing body of the country, to
meet its objectives of reaching economic stability and
growth, execute numerous policies. These policy
implementations involve humongous fund utilization in
different sectors such as defence, administration,
development, and welfare. The annual budget is the
formal announcement by the government on the fund
allocations and the tax policy changes, as it is the main
source of government income. According to the Article
112 of the constitution, the union budget is an annual
financial statement of the estimated revenues and
expenditures of the government for a fiscal year; which
runs from 1st April to 31st March. It is an important tool
for the government to sustainably use its scarce economic
resources and the government announces its plan for
the next financial year. The budget has two parts: one
part of budget is an economic survey that gives all the
figures on government spending and income, and the
remaining part of it, tells what the government intend to
do in the coming year. There is a relationship between
union budget and financial market performance. Causal
empiricism reveals that the stock market activity also
tends to be greatly influenced by Budget. The stock
market response is often viewed as an information on
the ‘quality’ of Budget announced, in terms of improving
macroeconomic prospects. The information in the budget
Volume 19, Issue 2, April-June, 201988
Sanjeeb Kumar Dey and Madhumala Pathy
about the different sectors affect the stock prices of the
companies listed on the stock exchanges. In developing
economies like India, stock market tends to perform better
than economies with lesser growth rate. The stock market
generally reflects the economic conditions of a country.
When an economy grows its output increases and leads
to increase in profitability of firms. Higher the profits,
the company shares become more attractive and stock
market shows an upward trend in prices. The Union
Budget has an impact on the economy and financial
market of the country.
Stock market indices are a procedure of measuring
certain stocks. They are used to measure the
performance of the certain portfolios. The prime use of
the indices is to understand the trends of the market. A
stock index is created by choosing a group of certain
stocks. These stocks are able to represent the entire
stock market’s trends. They may also represent a specific
segment like mutual funds. The changes in the price
movements are related to the base period. Their
performance shows how the overall market economy or
a particular industry is. In stock indices, proper weights
are given to the stocks as per their economic importance.
The stock market indices are like a barometer of the
market. They help the investors to identify the broad
trends of the market. Investors use them before allocating
the funds among the stocks. Thus, indices act as a guide
for the investors. Stocks are sold and bought in Indian
stock market as a group. The present study analyses the
reaction of stock market on the budget announcement.
The study will help investors to invest cautiously and act
as guidance on their investment decision around the
budget period. The investors are able to understand
volatility in the market due to announcement of budget
in a particular financial year. It helps the investors to
minimize their overall risk and maximize returns of their
investment during this period. In the paper, we have
studied the short-term impact of budget on NIFTY index
and other sectorial indices.
IMPORTANCE OF THE STUDY
The stock market is witnessing heightened activities and
is increasingly gaining importance. In the current context
of globalization and the subsequent integration of the
global markets this paper explores impact of pre- and
post-budget on stock indices volatility. Another important
analysis done regarding what the investors expect from
the budget announcement and what they actually derive,
to know the trends and patterns in the activities and
movements of the Indian Stock indices from 2011 to
2017.
LITERATURE REVIEW
Gupta and Kundu (2006) analysed the impact of Union
Budget on stock market considering the returns and
volatility in Sensex. They found that budget have
maximum impact in short-term post-budget period, as
compared to medium-term and long-term average returns
and volatility does not generally increase in a post-budget
situation as the time period increases.
Thomas and Shah (2002) analysed the Indian stock
market index from April 1979 to June 2001 covering 26
Budget dates in this period and finds that in some years,
post-budget returns are positive; in other years, post-
budget returns are negative; on average, there is no clear
pattern about movement in the Index after budget date.
They report no evidence of over-reaction or under-
reaction prior to budget date, or immediately after it. Thus,
concludes that the information processing by stock market
participants is rational, and that the Indian stock market
is semi-strong efficient.
Suresh Babu and Venkateswarlu (2013) analysed the
impact of Union Budgets on Indian stock prices. The
period for the study was from 1991 to 2009 and findings
say that budgets seem to have effect only up to 15trading
days from the budget day as far as return is concerned.
So investor must be very careful and very swift while
investing just around and on the budget day. The authors
also reported that a budget exerts the maximum impact
in terms of absolute return immediately on and around
the budget day which gradually gets reduced as one
moves further away from the budget day.
Khanna and Gogia (2014) have conducted a multi-country
study on the impact of budget announcements covering
India, the USA, and the UK. They have observed similar
findings to Gupta and Kundu where Indian Stock Markets
Siddhant - A Journal of Decision Making 89
Immediate Impact of Union Budget Announcement on Stock Market Sectorial Indices
are mainly affected in short term and somewhat in the
medium term. But in the USA, the effect of the federal
budget is more in long term and medium term because in
the USA it takes a long period for the budget to be
approved by the Congress and to be in effect and investors
react to the views given by market analysts during this
time. Similar to India, UK also tends to react in short
and medium term, mainly observing high anxiety about
budget announcements during the period close to budget
day.
Gakhar et al. (2015) also find similar results in India
evidencing the maximum impact of the budget in short
term and gradually decreasing in the medium term, and
eventually diminishing in the long run.
Rao (1997) studied the impact of macroeconomic events
like union budgets and the credit policy announcements
on stock prices from 1991 to 1995. He found that budgets
increased the volatility of stock prices of the market
portfolio. However, the credit policy announcements were
found to have no impact on stock price behaviour.
Varadharajan and Vikkraman (2011) studied volatility of
four major indices of Indian stock market and the effect
of budget on the volatility of stock market from 2002 to
2011. They found that it is during the post budget, volatility
in the stock market is higher in comparison to pre-budget.
Return of the indices post-budget is negative when
compared to pre-budget. Month of May showed highest
volatility followed by October and March showed high
volatility. SENSEX and BSE 100 have higher standard
deviation as compared to NIFTY and NIFTY JUNIOR
in yearly analysis of the indices.
Kutchu (2012) analyses semi-strong efficiency of Indian
stock market. The study states the effect of union budget
on six selected sectorial indices. The results of the study
showed that there is a chance to make abnormal returns
by the investor. In light of the results, it seems to be
inconclusive evidence about overall impact of budget
either on the stock market or on a particular sector, but
the results seem to point in the direction that the effect
of the budget may be company-specific.
RESEARCH GAP
Most of the earlier studies have been concentrated either
on short-run and long-run impact of union budget
announcement on stock market volatility or performance.
Very few have tried to established impact on sectorial
indices and that are limited to few indices. The present
paper aims to analyse the immediate impact of budget
announcement that is pre and post two days of
announcement on 12sectorial indices of National Stock
Exchange.
OBJECTIVES OF THE STUDY
1. To know whether the budgets have any immediate
impact on stock market or not.
2. To examine the impact of union budget on the
sectorial stock market indices of NSE in terms of
volatility from 2011 to 2017
HYPOTHESIS OF THE STUDY
Based on the objective, the present study has the
following hypothesis:
H0: There is no significant impact of annual budget
declaration on stock market indexes.
H1: There is significant impact of annual budget
declaration on stock market indexes.
RESEARCH METHODOLOGY
The present study is an analytical and empirical study.
Information used in this study have been taken from
various secondary sources. While the budget dates have
been gathered from finance ministry website. The daily
stock indices have been collected from CMIE database
and moneycontrol.com. The data contain closing values
of the index of two days before and two days after the
date of declaration of budget. The sample period of the
study is from 2011 to 2017. The closing figures of these
days have only been used for this study. This study
considers only the trading days and leaves out any holiday
or other days when the market remains closed. This study
makes the analysis of NIFTY and 12 sectorial indices.
Volume 19, Issue 2, April-June, 201990
Sanjeeb Kumar Dey and Madhumala Pathy
The secondary data have been analysed by using the
following statistical tools, Mean, Standard deviation, Co-
efficient of variance and t-test. All calculations have been
done with the help of SPSS and Minitab software.
DATA ANALYSIS AND INTERPRETATION
The following section covers the analysis and results of
the study. Paired sample t-test is used to analyse the
effect of annual budget declaration on the stock market
indexes of 12 Indian sectors.
NIFTY Index
The following Table 1 contains the results of analysis of
NIFTY Index.
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447. Since calculated
value of ‘t’ is greater than tabulated value, it is significant
at 5% level of significance. Hence, the data provide
evidence against the null hypothesis which may be
rejected. We may, therefore, conclude that there is
significant effect on volatility of NIFTY after the
declaration of budget.
Banking Sector Index
The following Table 2 contains the results of analysis of
banking sector indexes.
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447. Since calculated
value of ‘t’ is greater than tabulated value, it is significant
at 5% level of significance. Hence, the null hypothesis is
rejected. We may, therefore, conclude that there is
significant effect on volatility of banking sector indexes
after the declaration of budget.
Financial Service Sector Index
The following Table 3 contains the results of analysis of
financial service sector indexes:
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447. Since calculated
value of ‘t’ is greater than tabulated value, it is significant
at 5% level of significance. Hence, the null hypothesis is
rejected. We may, therefore, conclude that there is
significant effect on volatility of financial service sector
indexes after the declaration of budget.
Automobile Sector Index
The following Table 4 contains the results of analysis of
automobile sector indexes:
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447. Since calculated
Table 1: Paired sample t-test of NIFTY Index
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 6921.42 7 1466.98 554.47
After 4467.71 7 734.41 277.58
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 1.000 0.000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before - After 2453.71 732.58 276.89 1776.19 3131.24 8.86 6 0.000
Source: Author’s calculation
Siddhant - A Journal of Decision Making 91
Immediate Impact of Union Budget Announcement on Stock Market Sectorial Indices
Table 2: Paired Sample t-test of Banking Sector Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 14,278.25 7 3719.15 1405.71
After 8146.13 7 1860.48 703.20
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 1.000 0.000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before - After 6132.13 1858.67 702.51 4413.14 7851.11 8.73 6 0.000
Source: Author’s calculation
Table 3: Paired Sample t-test of Banking Sector Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 5843.96 7 1572.097 594.197
After 3928.98 7 786.971 297.447
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 1.000 0.000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before – After 1914.98 785.13 296.75 1188.86 2641.11 6.453 6 0.001
Source: Author’s calculation
value of ‘t’ is greater than tabulated value, it is significant
at 5% level of significance. Hence, the null hypothesis is
rejected. We may, therefore, conclude that there is
significant effect on volatility of automobile sector indexes
after the declaration of budget.
FMCG Sector Index
The following Table 5 contains the results of analysis of
FMCG sector indexes:
The tabulated value of t for 6 d.f. and at 5% level of
Volume 19, Issue 2, April-June, 201992
Sanjeeb Kumar Dey and Madhumala Pathy
significance for a two-tailed test is 2.447 and the
calculated value is -0.795. Since calculated value of ‘t’
is less than tabulated value, it is not significant at 5%
level of significance. Hence, the null hypothesis is
accepted. We may, therefore, conclude that there is no
significant effect on volatility of FMCG sector indexes
after the declaration of budget.
IT Sector Index
The following Table 6 contains the results of analysis of
IT sector indexes:
Table 4: Paired Sample t-test of Automobile Sector Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 6402.14 7 2450.39 926.16
After 4208.07 7 1226.21 463.46
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 1.000 .000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before–After 2194.07 1224.19 462.70 1061.887 3326.256 4.742 6 0.003
Source: Author’s calculation
Table 5: Paired Sample t test of FMCG Sector Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 16,224.38 7 5294.58 2001.16
After 16,473.59 7 5088.68 1923.34
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 0.988 0.000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before – After -249.21 828.90 313.29 -1015.81 517.39 -0.795 6 0.457
Source: Author’s calculation
Siddhant - A Journal of Decision Making 93
Immediate Impact of Union Budget Announcement on Stock Market Sectorial Indices
Table 6: Paired Sample t-test of IT Sector Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 9033.725 7 2285.049 863.67
After 9100.318 7 2378.841 899.12
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 .998 .000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before - After -66.593 172.58 65.23 -226.21 93.02 -1.021 6 .347
Source: Author’s calculation
Table 7: Paired Sample t-test of Media and Entertainment Sector Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 1931.89 7 549.69 207.77
After 1956.74 7 583.74 220.63
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 0.997 0.000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before - After -24.85 55.74 21.068 -76.41 26.70 -1.180 6 .283
Source: Author’s calculation
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447 and the
calculated value is -1.021. Since calculated value of ‘t’
is less than tabulated value, it is not significant at 5%
level of significance. Hence, the null hypothesis is
accepted. We may, therefore, conclude that there is no
significant effect on volatility of IT sector indexes after
the declaration of budget.
Media and Entertainment Sector Index
The following Table 7 contains the results of analysis of
Media and Entertainment sector indexes:
Volume 19, Issue 2, April-June, 201994
Sanjeeb Kumar Dey and Madhumala Pathy
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447 and the
calculated value is -1.180. Since calculated value of ‘t’
is less than tabulated value, it is not significant at 5%
level of significance. Hence, the null hypothesis is
accepted. We may, therefore, conclude that there is no
significant effect on volatility of Media and Entertainment
sector indexes after the declaration of budget.
Metal Sector Index
The following Table 8 contains the results of analysis of
metal sector indexes:
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447 and the
calculated value is 0.660. Since calculated value of ‘t’ is
less than tabulated value, it is not significant at 5% level
of significance. Hence, the null hypothesis is accepted.
We may, therefore, conclude that there is no significant
effect on volatility of metal sector indexes after the
declaration of budget.
Pharmaceutical Sector Index
The following Table 9 contains the results of analysis of
pharmaceutical sector indexes:
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447 and the
calculated value is 5.284. Since calculated value of ‘t’ is
more than tabulated value, it is significant at 5% level of
significance. Hence, the null hypothesis is rejected. We
may, therefore, conclude that there is significant effect
on volatility of pharmaceutical sector indexes after the
declaration of budget.
Private Sector Bank Index
The following Table 10 contains the results of analysis
of private sector bank indexes:
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447 and the
calculated value is 5.468. Since calculated value of ‘t’ is
more than tabulated value, it is significant at 5% level of
significance. Hence, the null hypothesis is rejected. We
may, therefore, conclude that there is significant effect
on volatility of private sector bank indexes after the
declaration of budget.
Public Sector Bank Index
The following Table 11 contains the results of analysis
of public sector bank indexes:
Table 8: Paired Sample t-test of Metals Sector Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 2304.38 7 1164.66 440.20
After 2159.19 7 582.78 220.27
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 1.000 .000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before - After 145.19 581.88 219.93 -392.96 683.34 0.660 6 .534
Source: Author’s calculation
Siddhant - A Journal of Decision Making 95
Immediate Impact of Union Budget Announcement on Stock Market Sectorial Indices
Table 9: Paired Sample t-test of Pharmaceutical Sector Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 8111.03 7 3054.90 1154.64
After 5062.52 7 1528.44 577.69
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 1.000 0.000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before - After 3048.52 1526.46 576.95 1636.78 4460.26 5.284 6 .002
Source: Author’s calculation
Table 10: Paired Sample t-test of Private Sector Bank Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 7260.11 7 2540.50 960.22
After 4637.06 7 1271.24 480.48
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 1.000 0.000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before - After 2623.06 1269.26 479.74 1449.19 3796.93 5.468 6 0.002
Source: Author’s calculation
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447 and the
calculated value is 5.393. Since calculated value of ‘t’ is
more than tabulated value, it is significant at 5% level of
significance. Hence, the null hypothesis is rejected. We
may, therefore, conclude that there is significant effect
on volatility of public sector bank indexes after the
declaration of budget.
Real-Estate Sector Index
The following Table 12 contains the results of analysis
of real-estate sector indexes:
Volume 19, Issue 2, April-June, 201996
Sanjeeb Kumar Dey and Madhumala Pathy
The tabulated value of t for 6 d.f. and at 5% level of
significance for a two-tailed test is 2.447 and the
calculated value is -92.24. Since calculated value of ‘t’
is less than tabulated value, it is not significant at 5%
Table 11: Paired Sample t-test of Public Sector Bank Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 3375.37 7 666.50 251.92
After 2694.69 7 332.58 125.71
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 1.000 0.000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before - After 680.69 333.93 126.22 371.86 989.52 5.393 6 0.002
Source: Author’s calculation
level of significance. Hence, the null hypothesis is
accepted. We may, therefore, conclude that there is no
significant effect on volatility of real-estate sector indexes
after the declaration of budget.
Table 12: Paired Sample t-test of Real-Estate Sector Indexes
Paired Samples Statistics
Mean NStd. Deviation Std. Error Mean
Pair 1 Before 222.97 7 49.67 18.77
After 1118.49 7 24.01 9.07
Paired Samples Correlations
NCorrelation Sig.
Pair 1 Before & After 7 1.000 0.000
Paired Samples Test
Paired Differences t d.f. Sig.
Mean Std. Std. 95% Confidence (2-tailed)
Deviation Error Interval of the
Mean Difference
Lower Upper
Pair 1 Before - After -895.52 25.69 9.71 -919.22 -871.76 -92.24 6 0.000
Source: Author’s calculation
Siddhant - A Journal of Decision Making 97
Immediate Impact of Union Budget Announcement on Stock Market Sectorial Indices
CONCLUSION
The declaration of annual budget of the Government is
one of the important factors as it is related to the financial
or economic health of country and involves all the
industries. The present paper aimed at examining the
impact of union budget on the stock market in terms of
volatility from 2011 to 2017. The study covers stock
market indexes of 12 sectors in India. The study shows
that the indexes of NIFTY, banking sector, financial
service sector, automobile sector, pharmaceutical sector,
private sector banks and public sector banks are being
affected by the declaration of annual budget. However,
the declaration of annual budget has no significant impact
on FMCG sector, IT sector, media and entertainment
sector, metal sector and real-estate sector.
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How to cite this article: Sanjeeb Kumar Dey and Madhumala Pathy, 2019. Immediate Impact of Union Budget Announcement on Stock
Market Sectorial Indices: Evidence from NSE, India. Siddhant - A Journal of Decision Making, Vol. 19, No. 2, pp. 87-97.