Share Market Today: Sensex, Nifty Trade In The Red Amid Volatility Ahead Of Union Budget 2024

Share Market Today: On the 30-share Sensex platform, PowerGrid, Reliance, Bajaj Finserv, HCLTech, HDFC Bank emerged losers. L&T, UltraCemco, ITC, Adani Ports, NTPC, Kotak Bank were the gainers

Share Market Today: In the broader markets, the BSE Midcap and the BSE Smallcap indices slipped into the red.

Source : ABPLIVE AI

Share market today: The two key equity benchmarks, Sensex and Nifty, on Tuesday pared early gains and were trading in the red amid volatility just ahead of the Union Budget presentation. At 10.20 am, the BSE Sensex dropped 130 points to 80,372. On the other hand, the NSE Nifty50 was trading at 24,460, down 50 points.

Stock updates

On the 30-share Sensex platform, PowerGrid, Reliance, Bajaj Finserv, HCLTech, HDFC Bank emerged losers. On the flip side, L&T, UltraCemco, ITC, Adani Ports, NTPC, Kotak Bank were the gainers.

In the broader markets, the BSE Midcap and the BSE Smallcap indices slipped into the red.

"The market participants will be closely watching for any tweaks in LTCGs tax. If there are no changes in LTCGs tax that will be a big relief for the market and the market is likely to react positively to that. Stock-specific reactions will depend on the Budget proposals for specific sectors," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

In the previous session on Monday, the BSE benchmark fell 102.57 points or 0.13 per cent to settle at 80,502.08 on Monday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 3,444.06 crore on Monday, according to exchange data.

Global markets

In Asian markets, Seoul traded higher while Tokyo, Shanghai and Hong Kong quoted lower. The US markets ended in positive territory on Monday.

Global oil benchmark Brent crude traded marginally up by 0.02 per cent to $82.42 a barrel.

Rupee rises 4 paise

The rupee appreciated 4 paise to 83.62 against the US dollar in early trade on Tuesday, ahead of the Budget presentation.

Forex traders said the local currency gained strength as crude oil prices and the American currency retreated from their elevated levels. Moreover, foreign fund inflows also supported the rupee.

At the interbank foreign exchange market, the local unit opened at 83.64, and touched an early high of 83.62, registering a gain of 4 paise from its previous close.

On Monday, the rupee consolidated in a narrow range to settle 4 paise higher at 83.66 against the American currency.