The BSE Sensex surrendered early gains to fall over 439 points Friday, dragged by losses in oil and gas, metal and power stocks, as Finance Minister Nirmala Sitharaman presented her maiden Union Budget.

The 30-share index was trading 439.56 points, lower at 39,515.24 at 1341 hours. Similarly, the 50-share NSE Nifty declined 117.20 or 0.47%, to 11,838.30.

The Sensex had reclaimed the 40,000 mark and the NSE Nifty inched closer to the 12,000 level in morning trade ahead of the Budget presentation.

Top losers in the Sensex pack included Yes Bank, ONGC, NTPC, Vedanta, Sun Pharma, Tata Motors, M&M, Tata Steel, Hero MotoCorp and TCS, falling up to 5%. HUL, Asian Paints and Kotak Bank were the only gainers in the index, rising up to 0.81%.

Presenting the full Union Budget for 2019-20, Sitharaman said India needs to make structural reforms to achieve the target of USD 5 trillion economy in the next few years.

She said it was the right time to consider increasing minimum public shareholding from 25% to 35%.

The Budget also proposed rationalisation and streamlining of KYC norms for Foreign Portfolio Investors to make them investor-friendly.

Sitharaman said the government proposes to initiate steps for electronic fundraising programme for a listing of social enterprises and voluntary organisations.

Interoperability of RBI depositories and SEBI depositories is necessary for seamless transfer of treasury bills, she said, adding the government will take necessary measures for the same.

The rupee, meanwhile, depreciated 39 paise to 68.50 against the US dollar.