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

Background

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.

23/07/2024 15:58:04

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.

23/07/2024 15:14:19

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.

23/07/2024 14:30:51

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.

23/07/2024 13:52:29

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.

23/07/2024 13:05:17

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.

23/07/2024 12:28:53

Sensex Fell 834 Points, Nifty Below 24,240

The Sensex recorded a decline of 834.57 points, or 1.04 per cent, settling at 79,667.51, while the Nifty saw a decrease of 271.85 points, or 1.11 per cent, closing at 24,237.85. 

23/07/2024 12:07:02

Sensex, Nifty Tanks As FM Sitharaman Table Union Budget 2024

BSE Sensex and NSE Nifty trade in red while Finance Minister Nirmala Sitharaman table the Union Budget for the fiscal year 2024-25. Sensex is trading at 80.348.45, 153 points or 0.19 per cent lower, while Nifty is below 24,460, 51.55 points or 0.21 per cent lower.

23/07/2024 11:46:56

Sensex, Nifty Trade Lower Amid Budget Presentation

BSE Sensex and NSE Nifty trade lower as Finance Minister Nirmala Sitharaman presents the budget for the fiscal year 2024 in parliament. At 11.45 am, Sensex stood at 80.455.49, which is 46.59 points lower and Nifty at 24,286, which is 22,45 points lower.

23/07/2024 11:46:36

Union Budget Live: Sensex And Nifty Still In The Red. Financials, Banks, Auto Lead

The BSE Sensex was trading at 80,428, down 73 points, while the Nifty50 was quoting at 24,478, declining 31 points. In the broader markets, the BSE Midcap and the SmallCap indices also dipped up to 0.35 per cent. The only recovery was led by financial, banks, auto, FMCG, and IT stocks.

23/07/2024 11:01:28

Sensex, Nifty Trade Flat As FM Sitharaman Gear up To Present Budget 2024

BSE Sensex is trading 45.88 points down at 80.482, and NSE Nifty is trading 44.90 points down at 24,464.

23/07/2024 09:56:37

Budget New Live: UltraTech Cement, HDFC Life, M&M Trade In The Green On Nifty

UltraTech Cement, HDFC Life, M&M, Grasim Industries, and Eicher Motors were among the major gainers on the Nifty. On the other hand, Shriram Finance, HCL Tech, ONGC, HDFC Bank, and Divis Labs were the top losers. Finance Minister Nirmala Sitharaman is set to present the first Union Budget of NDA 3.0.

23/07/2024 09:54:31

Union Budget 2024: Sensex, Nifty Trade Flat Amid Volatility

The BSE Sensex is quoting at 80,510, up 8 points, while the NSE Nifty50 was hovering around 24,520, up 6 points.

23/07/2024 09:26:59

Sensex Rises 130 Points; Nifty Trades Above 24,500 Ahead Of Union Budget

The two key equity benchmarks, Sensex and Nifty, on Tuesday are trading higher amid volatility just before the presentation of the Modi 3.0 government's Union Budget. Finance Minister Nirmala Sitharaman will present her seventh straight Budget for the full year of financial year 2024-25 in the Lok Sabha at 11 AM.

The 30-share BSE Sensex gained 132 points higher to 80,635. On the other hand, the NSE Nifty50 was trading at 24,538, up 28 points. Althe sectors are trading in the green.  

23/07/2024 09:06:08

Markets Gear Up For Budget 2024, FM To Table Document Today

Stock markets brace for impact as the hour for the Budget release draws closer. On Monday, after the Economic Survey was tabled, the markets ended trading slightly down. The BSE Sensex closed the session at 80,502, slipping more than 100 points, while the NSE Nifty50 ended the day at 24,509, inching down by 22 points.