Budget 2024 Stock Market Highlights, July 23: Sensex, Nifty end flat; LTCG, STCG rule hits sentiment
Budget 2024 Stock Market Highlights: Post the initial jitters after the LTCG and STCG tax rejig announcement, the benchmark Sensex recovered as much as 1200-odd points from its day's lows of 79,224
 "BSE, NSE, Indian share market, Stock market")
(Photo: Bloomberg)
Budget 2024 Stock Market Highlights, July 23, 2024: Benchmarks Sensex and Nifty settled marginally lower amidst heightened volatility witnessed throughout the Budget day.
Post the initial jitters, after the LTCG and STCG tax rejig announcement, the benchmark Sensex recovered as much as 1200-odd points from its day's lows of 79,224 levels and settled at 80,429 levels, down marginally 0.09 per cent or 73 points.
Similarly, Nifty recovered 405 points from its day's low of 24,074 and settled slightly lower by 0.12 per cent at 24,479 levels.
On the BSE, Titan, Adani Ports, and NTPC were the top gainers while L&T, Bajaj Finance, and SBI were among the major laggards.
ITC and Tata Consumer were the top performers on the NSE, while Hindalco, and Shirram Finance were among the top losers.
In the broader markets, too, there was a visible sharp recovery from the respective day's lows, as the MidCap and SmallCap indices fell up to 4 per cent each during the day.
From there, the indices recouped most of the losses with the MidCap index ending 0.74 per cent lower and SmallCap closing 0.18 per cent lower.
Sectorally, the Nifty FMCG ended 2.68 per cent higher, followed by the Nifty IT, Pharma, and Auto indices. On the flip side, Nifty Realty closed 2.29 per cent lower, followed by Nifty PSU Bank and Nifty Financial Services.
3:43 PM
'Nifty remained highly volatile on budget day as traders adjusted their positions in accordance with Budget'
The Nifty remained highly volatile on budget day as traders adjusted their positions in accordance with the budget announcements. On the daily chart, a hammer kind of pattern has formed. On the other hand, the RSI is emerging from the overbought zone with a bearish crossover. On the lower end, immediate support is placed at 24,400. Heavy call writing at 24,500 indicates that the selling pressure will remain prevalent in the market until Nifty decisively breaches above 24,500. On the lower end, a fall below 24,400 might trigger a correction towards 24,200/24,000.
Views by: Rupak De, senior technical analyst, LKP Securities
3:36 PM
Budget 2024: Broader markets settle in red; Nifty SmallCap slips nearly 0.90%
3:34 PM
Budget 2024: Titan top gainer, followed by ITC, Adani Ports
3:33 PM
Budget 2024: Nifty settles below 24,500
3:32 PM
Budget 2024: Sensex settles marginally lower, down 70 pts
3:27 PM
Budget 2024: Expert View
Anindya Banerjee, SVP, head of research, currency, commodity & interest rates at Kotak Securities:
--MCX Gold and Silver prices faced significant selling pressure following a reduction in basic customs duty from 10 per cent to 5 per cent, and a decrease in AIDC from 5 per cent to 1 per cent, resulting in a total import duty of 6 per cent. This move has led to a sharp decline in prices, with Gold down by Rs 4,000/10 grams and Silver plummeting by Rs 4,090/kg.
--While cheaper prices may stimulate domestic demand in the medium term, short-term trends could be influenced by Federal Reserve policy decisions. There remains potential for further downside, given the unexpectedly high import duty cut.
3:22 PM
Budget 2024: Tata Elxsi inks MoU with Nidec Corporation
3:19 PM
Budget 2024: Expert View
Sandeep Chordia, COO, Kotak Securities:
--Overall budget continues the path of fiscal consolidation with revised target of 4.9 per cent of GDP for FY25 ( from earlier target of 5.1 per cent, aided by dividend from RBI and tax buoyancy) and 4.5 per cent for FY26 which is hugely positive.
--Three proposals impacting capital market the most are , increase in capital gain tax, STT on F&O, and taxation on buyback of shares.
--There is increase in Short term Capital Gain Tax from 15 per cent to 20 per cent and long term from 10 per cent to 12.5 per cent for all sale transactions effective from July 23, 2024.
--Fine print also takes away indexation benefit on sale of property , gold and unlisted assets. STT on futures increases marginally from 0.0125 per cent to 0.02 per cent and on options from 0.0625 per cent to 0.1 per cent on premium.
--Buyback of securities will now be taxed in the hands of shareholders similar to dividend and capital loss generated on buyback will be allowed to be set off against other capital gain.
3:14 PM
Viksit Bharat Budget 2024: This waste management stock has zoomed 17%
Shares of EMS hit a record high of Rs 790, as they zoomed 17.4 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes after the Finance Minister, Nirmala Sitaraman in Budget 2024-2025 speech said the government shall promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects. READ MORE
3:13 PM
Budget 2024: Expert View
Subahoo Chordia, head of real assets strategy at Edelweiss Alternatives;
--The government has maintained its allocation towards infrastructure sector at Rs 11.11 lakh crore (i.e. 3.4 per cent of GDP) and additional interest free loan of Rs 1.5 lakh crores to States will be a booster for the infrastructure segment.
--The budget has lent further emphasis to multiple infrastructure segments towards development of roads, airports etc. Further, industrial parks, to service over 100 cities and development of 12 specific industrial parks under national schemes is envisaged.
--The budget has lent further emphasis to multiple infrastructure segments towards development of roads, airports etc. Further, industrial parks, to service over 100 cities and development of 12 specific industrial parks under national schemes is envisaged.
--The Government has lent further weight in its fight against climate change. The fiscal incentives for rooftop solar and pumped storage will enhance energy security and availability. Further indirect tax incentives towards renewable energy items and critical minerals such as lithium, copper bodes well for the segment.
--Overall the budget maintains its focus on long term growth and sustainability and is positive towards infrastructure segments
3:09 PM
--On the back of higher dividends from the Reserve Bank of India and better tax collections, the government has targeted a fiscal deficit of 4.9 per cent versus 5.1 per cent in the interim Budget, which is a healthy reduction of 0.7 per cent from FY24.
--The focus of the Union Budget continues to maintain a superior quality of spending. In this Budget, the government has also set a focus on job creation and skilling as key agenda items for the year without impacting the capex spent that was announced in the interim budget.
Budget 2024: Expert View
Sachin Bajaj, EVP and chief investment officer, Max Life:
--The first Union Budget under the new government promises continuation of existing policies and priorities of macro stability, reforms, and overall development.
--The government has managed to maintain a healthy balance of providing resources for growth and development while adhering to the path of fiscal consolidation.
--The government has managed to maintain a healthy balance of providing resources for growth and development while adhering to the path of fiscal consolidation.
--On the back of higher dividends from the Reserve Bank of India and better tax collections, the government has targeted a fiscal deficit of 4.9 per cent versus 5.1 per cent in the interim Budget, which is a healthy reduction of 0.7 per cent from FY24.
--The focus of the Union Budget continues to maintain a superior quality of spending. In this Budget, the government has also set a focus on job creation and skilling as key agenda items for the year without impacting the capex spent that was announced in the interim budget.
3:09 PM
Budget 2024-24: Why India VIX surged up to 17% today; check reasons here
On Tuesday, the volatility indicator for Indian bourses, India VIX surged up to 17.52 per cent intraday. This came amidst heightened volatility witnessed after the Finance Nirmala Sitharaman concluded the Budget speech for the financial year 2024-25. READ MORE
3:06 PM
500% increase in long-term capital gains declarations before tax increase
The amount of long-term capital gains declared across all taxpayers surged multifold ahead of the tax increase declared on Tuesday. READ MORE
3:04 PM
Budget 2024-25 commits reforms to strengthen IBC, strengthen tribunals
The government will make “appropriate amendments” to the Insolvency and Bankruptcy Code (IBC) and bring in reforms to strengthen related tribunals, said Finance Minister Nirmala Sitharaman on Tuesday in her Budget 2024-25 speech. READ MORE
2:55 PM
Budget 2024: M&M Finance Q1FY25 net profit rises 45.4% YoY to Rs 513 crore
Topics : Nirmala Sitharaman MARKET LIVE MARKET WRAP stock market trading Markets Sensex Nifty BSE NSE Budget 2024 Market news business news today
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First Published: Jul 23 2024 | 7:36 AM IST
