Share Market Today: Sensex, Nifty Trade Flat Amid Volatility After Budget Day. Broader Indices Gain
Share Market Today: On the 30-share Sensex platform, Bajaj Finance, Nestle, M&M, Bajaj Finserv, HUL, Maruti emerged losers. Tata Motors, NTPC, ITC, TechM, Tata Steel, PowerGrid were among the gainers
Share Market Today: The two key equity benchmarks, Sensex and Nifty, on Wednesday opened flat amid volatility, a day after the Union Budget. Foreign fund outflows and a weak trend in global markets also played spoilsport for the domestic markets. At 10.15 am, the BSE Sensex dropped 125 points to 80,304. On the other hand, the NSE Nifty 50 was trading at 24,435, down 40 points.
Stock update
On the 30-share Sensex platform, Bajaj Finance, Nestle, M&M, Bajaj Finserv, HUL, Maruti emerged losers. On the flip side, Tata Motors, NTPC, ITC, TechM, Tata Steel, PowerGrid were among the gainers.
In the broader markets, the BSE Midcap index jumped 0.41 per cent while the Smallcap index advanced 1 per cent.
Sectoral update
Sectorwise, Nifty Consumer Durables and Nifty Media led the charts, whereas Nifty Realty and Nifty Healthcare traded losses.
In the previous session on Tuesday, the BSE benchmark closed lower by 73 points at 80,429, while the NSE Nifty50 dropped 30 points to 24,479.
"Now that the steep increase in STCGs (Short-Term Capital Gains Tax) and the marginal increase in LTCGs (Long Term Capital Gains Tax) on equity is a reality, investors should focus on investing in stocks which can deliver superior returns. In the present context FMCG stocks look attractive from the valuation perspective," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
In Asian markets, Seoul, Tokyo, and Hong Kong were trading lower while Shanghai quoted higher. The US markets ended marginally lower on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,975.31 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude traded higher by 0.38 per cent to $81.32 a barrel.
Rupee trades in narrow range
The rupee was trading in a narrow range and fell 1 paisa to 83.70 against the US dollar in early trade on Wednesday, weighed down by a weak risk appetite and dollar demand from importers. Forex traders said the increase in capital gains tax and removal of indexation benefits announced in the FY25 Budget on Tuesday was the main reason for dollar buying as foreign investors sold stocks.
At the interbank foreign exchange market, the local unit opened at 83.69, and touched an early low of 83.70, registering a fall of 1 paisa from its previous close. On Tuesday, the rupee declined 3 paise to 83.69 against the US dollar, after the government raised tax rates on capital gains in the FY25 Budget.
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