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PremiumBudget 2024 Market Close Highlights : Stocks traded mixed as focus turned from US politics to a heavy week for company earnings with tech giants Tesla Inc. and Alphabet Inc. due to report later Tuesday.
Europe’s Stoxx 600 Index was little changed, while US equity futures pointed to a lower open on Wall Street. In Asia, gains for Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. buoyed the MSCI Asia Pacific Index. The dollar and US Treasuries traded steady.
Companies representing 29% of the S&P 500’s market value are due to report this week and investors are waiting to see if the rally in tech stocks has room to extend after hitting a wall. Analysts are keen for details of Tesla’s robotaxi service, while AI offerings are seen boosting Alphabet’s Google Cloud revenue.
US election developments are still front and center, with Kamala Harris now having more than enough pledged delegates to clinch the Democratic presidential nomination.
“Historically, presidential election years have been favorable for equity investors," said Kieran Calder, head of equity research for Asia at Union Bancaire Privee in Singapore. “We think that the underlying economy and earnings picture is good for the market, and investors can be rewarded for looking past US election drama."
In economic data, US readings on the economy are due later in the week as well as the Federal Reserve’s preferred inflation gauge.
The yen strengthened against the dollar as traders look set to trim their carry positions during a summer holiday season. Some Bank of Japan officials are open to raising rates at the July meeting while others see weakness in consumer spending complicating their decision, according to people familiar with the matter.
In commodities, oil was steady near a six-week low.
Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions.
Share Market Budget 2024 Live : Despite the initial few days of volatility in the run up to the 2024 Budget announcement on 23 July, investors in the Indian markets held their nerves on the budget day as finance minister Nirmala Sitharaman announced a slew of measures in her speech.
From measures focussed on improving the quality and number of skilled manpower in the country, to initiatives like credit guarantee for MSMEs and DPI tools for the agri sector, FM Sitharaman announced a number of initiatives and schemes aimed at helping the country's get ready for the next phase of growth.
The government also proposed to increase the standard deduction limit in the new tax regime to ₹75,000 from the earlier deduction of ₹50,000.
The BSE Sensex had fallen around 1,000 points following the conclusion of the finance minister's speech, but recovered most of the losses to close marginally in the red.
The Sensex, which had opened higher at 80,724.30, touched a high of 80,766.41, and a low of 79,224.32. At close, the Sensex was at 80,461.83, down 73.04 points, or 0.09%.
That apart, the Nifty 50, which had also opened higher at 24,568.90, traded between a range of 24,074.20 and 24,582.55. At close, the Nifty 50 was at 24,479.05, down 30.20 points, or 0.12%.
18 of the 30 stocks on the BSE Sensex closed in the red. Larsen & Toubro, Bajaj Finance, SBI Axis Bank, and Power Grid Corp., were the top drags, while Titan, ITC, Adani Ports & SEZ, NTPC, and Infosys, were the top gainers for the day.
Similarly, on the Nifty 50, 29 of the 50 stocks closed in the red. Larsen & Toubro, Shriram Finance, Hindalco, Bajaj Finance and SBI Life were the top losers, while Titan, ITC, Tata Consumer Products, Adani Ports & SEZ, and NTPC, were the top gainers.
Regarding the budget, Aditi Nayar, Chief Economist, Head of Research and Outreach at ICRA Ltd, said the government's new medium term fiscal consolidation path has been linked to a reduction in the debt-to-GDP ration, which will allow the government flexibility to chart an appropriate fiscal course.
“The Union Budget kept the capital expenditure unchanged and pared the fiscal deficit to 4.9% of GDP in line with ICRA's estimates, although the cut in borrowings is smaller than what we had expected. The anticipated reiteration of the reduction in the fiscal deficit to below 4.5% of GDP in FY2026, is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio. This will allow the Government flexibility to chart an appropriate fiscal course that builds in higher capital spending as well as support to meeting the climate goals, in a fairly uncertain global environment," she explained.
Meanwhile, Sandeep Nayak, ED & CEO of Centrum Broking (Retail), said the recently announced budget is beautifully balanced between welfare spends, capital expenditure and fiscal descipline.
He said: "The triad of welfare spends, capital expenditure and fiscal discipline has been beautifully balanced by the Government in this budget. There is a good amount of welfare spend on women led development, the MSME sector and the agriculture sector covering a large part of the populace. Augmenting the welfare spends with an adequate thrust on capital expenditure while containing the fiscal deficit at 4.9% of GDP is a fine balancing act. However, the increase in capital gains tax and securities transaction tax is a dampener for capital markets!"
Separately, the broader market closed in the red, with the BSE MidCap down 0.74% and the BSE SmallCap had lost 0.18%.
Sectors like FMCG and Consumer Durables had pulled ahead from their lows, and gained the most among sectoral indices, while sectors like Pharma, Healthcare, IT and auto, also closed in the green.
That apart, the bank index closed down nearly 1%, while financial services lost 1.37%, followed by the Oil & Gas and Metal indices, that also closed in the red.
Share Market Budget 2024 Live : Following the announcement of the Budget 2024 by finance minister Nirmala Sitharaman, sectors like FMCG and Consumer Durables had pulled ahead from their lows, while sectors like Pharma, Healthcare IT and auto were also trading in the green.
That apart, the bank index was down nearly 1%, while financial services had lost 1.3%, followed by the Oil & Gas and Metal indices, that were also trading in the red.
Share Market Budget 2024 Live : The broader market was in the red, with the BSE MidCap down 0.72% and the BSE SmallCap had lost 0.18%.
Share Market Budget 2024 Live : 27 of the 50 stocks on the Nifty 50 were trading in the red. Larsen & Toubro, Shriram Finance, Hindalco, Bajaj Finance, and SBI Life were the top losers, while Titan, ITC, Tata Consumer Products, Adani Ports & SEZ, and NTPC, were the top gainers.
Share Market Budget 2024 Live : Nearly half of the 30 stocks on the BSE Sensex were trading in the red. Larsen & Toubro, Bajaj Finance, Axis Bank, SBI and Power Grid Corp., were the top gainers, while Titan, ITC, Adani Ports & SEZ, NTPC, and Infosys, were the top gainers.
Share Market Budget 2024 Live : The Indian benchmark indices Sensex and Nifty had recovered from their lows, but were still trading in the red following the conclusion of FM Nirmala Sitharaman's budget speech today.
At 3 pm, Sensex was down 40.25 points, or 0.05%, at 80,461.83 and Nifty was down 22.20 points, or 0.09%, at 24,487.05.
Share Market Budget 2024 Live : “The Union Budget kept the capital expenditure unchanged and pared the fiscal deficit to 4.9% of GDP in line with ICRA's estimates, although the cut in borrowings is smaller than what we had expected. The anticipated reiteration of the reduction in the fiscal deficit to below 4.5% of GDP in FY2026, is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio. This will allow the Government flexibility to chart an appropriate fiscal course that builds in higher capital spending as well as support to meeting the climate goals, in a fairly uncertain global environment."
--Aditi Nayar, Chief Economist, Head of Research and Outreach at ICRA Ltd.
Share Market Budget 2024 Live : "The triad of welfare spends, capital expenditure and fiscal discipline has been beautifully balanced by the Government in this budget. There is a good amount of welfare spend on women led development, the MSME sector and the agriculture sector covering a large part of the populace. Augmenting the welfare spends with an adequate thrust on capital expenditure while containing the fiscal deficit at 4.9% of GDP is a fine balancing act. However, the increase in capital gains tax and securities transaction tax is a dampener for capital markets!"
--Sandeep Nayak, ED & CEO of Centrum Broking (Retail)
Share Market Budget 2024 Live : "Customs duty on gold and silver has been reduced to 6% that may lead to a decline in domestic prices and perhaps lift demand. The existing duty on gold and silver is 15 percent which comprises 10% of basic custom duty and 5 percent as Agricultural Infrastructure Development cess."
--Hareesh V, Head of Commodities, Geojit Financial Services
Share Market Budget 2024 Live : The Indian benchmark indices Sensex and Nifty had recovered from their lows, but were still trading in the red following the conclusion of FM Nirmala Sitharaman's budget speech today.
At 2 pm, Sensex was down 194.43 points, or 0.24%, at 80,307.65 and Nifty was down 62.55 points, or 0.26%, at 24,446.70.
Share Market Budget 2024 Live : "Finance Minister Nirmala Sitharaman's focus on energy security is crucial for addressing India's growing energy demands and meeting NDC targets. The Economic Survey 2023-24 emphasises the need for a diversified energy mix to ensure sustainable growth. With energy needs projected to grow 2-2.5 times by 2047, addressing renewable energy challenges is imperative. The new 2,400 megawatt power plant and the PM Suryaghar Muft Bijli Yojana, providing free solar electricity to 1 crore households, are significant steps. These initiatives will boost our energy infrastructure and encourage renewable energy adoption.
These measures will certainly contribute to India's sustainable and secure energy future."
--Gul Basantani, Partner, government, infrastructure and development sector advisory Services, at Forvis Mazars
Share Market Budget 2024 Live : "Today's budget announcement heralds a transformative era for Bharat, particularly for our vibrant MSME sector. By facilitating the working capital needs, setting up food irradiation units and quality testing labs, and establishing e-commerce export hubs, the government is laying a robust foundation for MSMEs to thrive. These measures will empower small and medium enterprises to grow, compete globally, and drive economic growth.
The introduction of a comprehensive credit guarantee scheme, coupled with significant provisions for long-term interest-free loans to states, underscores a commitment to fostering an aspirational India. This holistic approach will not only enhance the financial stability of MSMEs but also stimulate innovation, create jobs, and boost exports. Encouraging states to provide similar support for infrastructure will further amplify these benefits, ensuring balanced regional development.
These initiatives will open new opportunities for MSMEs, propelling Bharat towards a more inclusive and prosperous future."
--Karthik Srinivasan, Chief Business Officer, at HDB Financial Services
Share Market Budget 2024 Live : Barring FMCG and Consumer Durables, which were up 2.36% and 1.14%, respectively, all the other major sectoral indices were trading in the red.
The biggest losers were financial services, Oil & Gas, PSU Bank, Private Bank, Metal and Bank indices.
Share Market Budget 2024 Live : The broader market was trading in the red, with the BSE MidCap down 1.26% and the BSE SmallCap down 0.87%.
Share Market Budget 2024 Live : 32 of the 50 stocks on the Nifty 50 were trading in the red. Shriram Finance, Larsen & Toubro, ONGC, Hindalco, and Bajaj Finance, were the top drags, while Titan, ITC< Tata COnsumer Products, Adani Ports and Hero MotoCorp, were the top gainers.
Share Market Budget 2024 Live : 21 of the 30 stocks on the BSE Sensex were trading in the red. Larsen & Toubro, Bajaj Finance, Power Grid Corp., Axis Bank and ICICI Bank were the top drags, while Titan, ITC, Adani Ports & SEZ, Hindustan Unilever, and NTPC were the top gainers.
Share Market Budget 2024 Live : The Indian benchmark indices Sensex and Nifty had receovered from their lows, but were still trading in the red following the conclusion of FM Nirmala Sitharaman's budget speech today.
At 1 pm, Sensex was down 517.9 points, or 0.64%, at 79,984.18 and Nifty was down 162 points, or 0.66%, at 24,346.95.
Share Market Budget 2024 Live : FM Sitharaman proposed to increase standard deduction to ₹75,000 from ₹50,000 currenly
Share Market Budget 2024 Live : Security transaction tax on options and futures is proposed to be increased to 0.02% and 0.1%, respectively.
Income received from buyback of shares in the hands of receipients to be taxed as well
Share Market Budget 2024 Live : FM Sitharaman proposes simpler tax regime for domestic cruises in the country
Share Market Budget 2024 Live : This will provide a fillip to the processing of such minerals in the country
Share Market Budget 2024 Live : Government committed to staying the course and achieve the fical deficit target at below 4.5% of the GDP
Share Market Budget 2024 Live : This will set the stage for the next set of reforms for economic development and sustaining high growth
The government will also initiate an incentivised reforms of improving productivity of factors of production and technology as an enabler
Share Market Budget 2024 Live : Pradhan Mantri Gram Sadak Yojna Phase 4 will be rolled out to provide all-weather connectivity to 25,000 habitations
Share Market Budget 2024 Live : Under Urban 2.0, housing needs of 1 crore urban poor and middle class families will be address with an investment of ₹10 lakh crore
Will include central assistant of ₹2 lakh crore
A provision of interest subsidy to facilitate loans at affordable rates is also envisaged
Share Market Budget 2024 Live : Government will formulate a framework for enabling policies, market-based mechanisms and regulation
Share Market Budget 2024 Live : Sitharaman says three crore additional houses in rural and urban areas in the country have been announced and the necessary allocations are being made.
Share Market Budget 2024 Live : The government announced external support from multilateral financial institutions to develop infra in the state
Share Market Budget 2024 Live : Government hopes to help around 25,000 students every year
Share Market Budget 2024 Live : Aims to skill 20 lakh youth over a five year period
Share Market Budget 2024 Live : Government will provide employment generation incentives
It'll focus on recognising first time employers
Says, one month wage will be paid to all person newly entering formal jobs
Share Market Budget 2024 Live : Large clusters of vegetable production will be developed near consumption centres
Facilitate the implementation of DPI in agriculture
Share Market Budget 2024 Live : Take comprehensive review of agricultural practices and invest in reserach and development to delelop climate resilient crops and increase productivity
Share Market Budget 2024 Live : Productivity and resilience in agriculture
Inclusive policys
Manufacturing and services
Energy security
Infrastructure
Research and development
Next generation reforms
Share Market Budget 2024 Live : Five schemes and initiates employment, and skilling of 1.4 crore youth for five years, Central outlay of ₹2 lakh crore
Share Market Budget 2024 Live : Steps are being taken to ensure supply of goods reach the market.
Share Market Budget 2024 Live : Indian benchmark indices had recovered from their lows, and were trading mixed, minutes ahead of the commencement of FM Nirmala Sitharaman's budget speech today.
At 11 am, Sensex was up 47.96 points, or 0.06%, at 80,550.04 and Nifty was flat at 24,510.15.
Union Finance Minister Nirmala Sitharaman has begun the FY25 Union Budget, marking her seventh consecutive budget presentation. This milestone will make her the first Finance Minister to achieve this distinction.
"A swift recovery in the Broader markets helped the Index limit its losses to close at 24,509. Considering the Union Budget announcement today, wild swings can be expected on both sides where 24,200 will be the immediate support while the higher side seems to be capped at 24,800. In the case of Bank Nifty, the support is placed at 51,920 while resistance is set at 52,750. We hold the same stance on the sectors we stated earlier, i.e. bullish on FMCG/ IT and bearish on Auto. However, positive development in the budget can change the trend of the markets. Investors should wait and watch before taking any action."
Union Budget 2024, which will be announced later today, July 23 is anticipated to be growth-focused, with several measures aimed at bolstering the rural economy, said brokerage house Motilal Oswal, in its pre-budget note. The brokerage has released a list of 18 stock picks across various sectors that are expected to be in focus today. Let's take a look:
Capital Good and Infra: L&T, Siemens, and NTPC
Defence and Railways: Bharat Electronics (BEL), Hindustan Aeronautics (HAL), and Rail Vikas Nigam Ltd (RVNL).
Rural: M&M, Supreme Industries, and Dabur
Manufacturing: Tata Motors, Kaynes Tech and Exide Industries
Real Estate, Cement, and Building Materials: Godrej Properties, KEI Industries, and Ambuja Cement
PSUs: GAIL, SBI, and HUDCO.
Share Market Budget 2024 Live : One 97 Communications(OCL), which runs Paytm, today announced that it has partnered with Axis Bank to offer POS solutions and EDC devices (card machines) to the bank and its merchant network.
Paytm’s EDC devices (card machines) come equipped with a robust suite of features designed to streamline operations and drive business growth. The integrated software offers complete store management services, including inventory management, invoice generation, promotions and discounts, sales tracking and reporting, CRM, and more, the company said in an exchange filing.
Shares of Gensol Engineering hit 5 percent upper circuit of ₹983.90 per share on Tuesday after the company's announced that it had secured a contract for 116 megawatts of solar projects in Gujarat. The estimated revenue from these engineering, procurement, and construction (EPC) projects is around ₹600 crore, as stated in the company’s exchange filing. The projects will span 27 diverse locations under the supervision of Paschim Gujarat Vij Co. Ltd. (PGVCL), the state's electricity distribution company.
Share Market Budget 2024 Live : Indian benchmark indices were—that opened higher on Tuesday—had turned red ahead of the commencement of FM Nirmala Sitharaman's budget speech today.
At 10 am, Sensex was down 55.16 points, or 0.07%, at 80,446.92 and Nifty was down 30 points, or 0.12%, at 24,479.25.
Share Market Budget 2024 Live : RBL Bank today announced that Chandan Sinha, currently serving as a non-executive independent director of the bank, will take over the role of non-executive, part-time Chairman, after incumbent Prakash Chandra completes his tenure on 2 August.
The bank said it has received approval for the same from the Reserve Bank of India.
Share Market Budget 2024 Live : Across sectors, auto, FMCG, private banks, realty, and healthcare were the top sectoral gainers, while financial services, media, PSU Bank, consumer durables, and oil & gas were the top sectoral losers. The Metal index was the top sectoral loser.
Share Market Budget 2024 Live : The broader market was in the red, with the BSE MidCap losing 0.28% and the BSE SmallCap down 0.16%.
Share Market Budget 2024 Live : 23 of the 50 stocks on the Nifty 50 were trading in the red. Shriram Finance, Wipro, BPCL, JSW Steel and HDFC Bank were the top gainers, while Eicher Motors, NTPC, ITC, UltraTech Cement, and Grasim Industries, were the top drags.
Share Market Budget 2024 Live : Nearly half of the 30 stocks on the BSE Sensex were trading in the red. UltraTech Cement, NTPC, Larsen & Toubro, ITC and Maruti Suzuki India, were the top gainers, while HCLTech, JSW Steel, HDFC Bank, Power Grid Corp., and Tech Mahindra, were the top drags.
Share Market Budget 2024 Live : Indian benchmark indices were up at open on Tuesday, ahead of the announcement of the Budget 2024 by Finance Minister Nirmala Sitharaman today.
At opening bell, Sensex was up 186.75 points, or 0.23%, at 80,688.83 and Nifty was up 51.05 points, or 0.21%, at 24,560.30.
Share Market Budget 2024 Live : Breaking their two days of losing streak, Indian benchmark indices were up at pre-open on Tuesday, ahead of the announcement of the Budget 2024 by Finance Minister Nirmala SItharaman today.
Sensex was up 222.22 points, or 0.28%, at 80,724.30 and Nifty was up 59.65 points, or 0.24%, at 24,568.90 during pre-open.
