Stock Market Highlights: Sensex, Nifty Closes In Red Amid Budget 2024 Announcement
Stock Market Highlights: Please follow this space for all the latest updates related to the Indian stock market amid the presentation of the Union Budget 2024 by Finance Minister Nirmala Sitharaman
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Stock Market Highlights: Hello and welcome to ABP Live's Stock Market LIVE blog. Please follow this space for all the latest updates on the Indian stock market amid the budget session in parliament.
The Modi 3.0 government will present its first budget for the fiscal year 2024-25 on Tuesday. Stock market analysts await how the market will perform on budget day. Union Finance Minister Nirmala Sitharaman will table the budget 2024 in parliament at 11 am.
In the previous trading session on Monday, the Sensex and Nifty, India's primary stock market indices, closed with losses amid fluctuations driven by selling pressure in Reliance Industries and Kotak Bank ahead of the Union Budget. The BSE Sensex, falling for the second consecutive day, dropped by 103 points to end at 80,502. Meanwhile, the NSE Nifty50 declined, shedding 22 points to settle at 24,509.
On the 30-share Sensex index, Reliance Industries saw a decline of more than 3 per cent following a 5 per cent decrease in its net profit for the June quarter. Kotak Mahindra Bank also experienced a drop exceeding 3 per cent in its share price. Additionally, notable declines were observed in the stocks of ITC, State Bank of India, HCL Technologies, and IndusInd Bank. Conversely, stocks such as NTPC, UltraCemco, HDFC Bank, PowerGrid, M&M, and Tata Steel registered gains during the same trading period.
Vinod Nair, Head of Research of Geojit Financial Services, said, "The conservative economic growth forecast for FY25, presented in the economic survey, has introduced some spikes in volatility ahead of the budget. Further, the below-estimated Q1 results from certain index heavyweights like RIL added to apprehensions of a slowdown in earnings growth in FY25. Although the budget is anticipated to be favourable, investors will closely monitor whether it continues to tickle traction, given high valuations and the risk of a downgrade in earnings.”
On Monday, Sitharaman also presented the Economic Survey 2024 in parliament. This comprehensive assessment of the economy's performance over the review period outlines key priorities and focus areas for the upcoming Budget.
Sensex Settles 73 Points Lower, Nifty Below 24,500
Indian benchmark indices concluded the volatile session on Tuesday with marginal losses amid Union Budget 2024 announcements. The Sensex closed 73.04 points lower, down 0.09 per cent, at 80,429.04, while the Nifty ended down 30.30 points, or 0.12 per cent, at 24,479.00. During the session, 1488 shares advanced, 1949 shares declined, and 74 shares remained unchanged.
Abolishing Angel Tax Will Offer Significant Relief To Investors: Expert
Dr Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts, commented on today's budget announcement by the Finance Minister, describing it as a pivotal moment for India's space economy and startup ecosystem. After 13 years, the angel tax was finally abolished, offering significant relief to investors and startups alike.
"This move fosters a more conducive environment for innovation and entrepreneurship, demonstrating the government's commitment to nurturing a vibrant startup ecosystem. However, we need to wait for the final print to understand the impact," Sharma added.
New Scheme Under PM's Package For Skill Development Is Commendable: Kuhoo Edufintech's Founder
Prashant Bhonsle, Founder of Kuhoo Edufintech, commends the government's move to offer a 3 per cent interest subvention on loans up to Rs 10 lakh for higher education. This initiative will notably alleviate the financial strain on students, enhancing accessibility to quality education. "Moreover, the new centrally sponsored scheme under the Prime minister's package for skill development, in collaboration with state governments and industry, is a commendable step. Over the next five years, this will equip students with essential skills, enhancing their employability," he added.
Amendments Under Customs Laws Will Fostering Domestic Manufacturing: Expert
Nupur Maheshwari, Executive Partner at Lakshmikumaran & Sridharan Attorneys, highlighted that the amendments under the Customs Laws are aimed at facilitating ease of doing business, fostering domestic manufacturing, promoting local value addition, and enhancing the competitiveness of Indian goods in the international market. "The rates of customs duties have been significantly reduced on the inputs used in India’s major export sectors such as sea food, leather and textiles (garments and footwear) to provide further fillip to these sectors," she added.
Sensex Declines 486 Points, Nifty Below 24,360 Post Budget 2024 Announcements
The Sensex fell by 486.18 points, or 0.60 per cent, to 80,015.90, while the Nifty dropped by 150.90 points, or 0.62 per cent, to 24,358.35 after Union Finance Minister Nirmala Sitharaman presented the budget 2024 in parliament.
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