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Business News/ Markets / Live Blog/  Budget 2024 Market Close Highlights: Sensex ends 70pts down, Nifty at 24,480; FMCG, consumers gain, bank, FS drag
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Budget 2024 Market Close Highlights: Sensex ends 70pts down, Nifty at 24,480; FMCG, consumers gain, bank, FS drag

21 min read . Updated: 23 Jul 2024, 03:52 PM IST
Pranay Prakash

Budget 2024 Market Close Highlights : DIIs net sold shares worth ₹1,652.34 crore, while foreign investors net bought shares worth ₹3,444.06 crore on July 22. 

Budget 2024 Market Close Highlights : Finance Minister Nirmala Sitharaman's Budget 2024 speech is scheduled to start at 11 am on 23 July. (Photo: Reuters)Premium
Budget 2024 Market Close Highlights : Finance Minister Nirmala Sitharaman's Budget 2024 speech is scheduled to start at 11 am on 23 July. (Photo: Reuters)

Budget 2024 Market Close Highlights : Stocks traded mixed as focus turned from US politics to a heavy week for company earnings with tech giants Tesla Inc. and Alphabet Inc. due to report later Tuesday.

Europe’s Stoxx 600 Index was little changed, while US equity futures pointed to a lower open on Wall Street. In Asia, gains for Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. buoyed the MSCI Asia Pacific Index. The dollar and US Treasuries traded steady.

Companies representing 29% of the S&P 500’s market value are due to report this week and investors are waiting to see if the rally in tech stocks has room to extend after hitting a wall. Analysts are keen for details of Tesla’s robotaxi service, while AI offerings are seen boosting Alphabet’s Google Cloud revenue.

US election developments are still front and center, with Kamala Harris now having more than enough pledged delegates to clinch the Democratic presidential nomination.

“Historically, presidential election years have been favorable for equity investors," said Kieran Calder, head of equity research for Asia at Union Bancaire Privee in Singapore. “We think that the underlying economy and earnings picture is good for the market, and investors can be rewarded for looking past US election drama."

In economic data, US readings on the economy are due later in the week as well as the Federal Reserve’s preferred inflation gauge.

The yen strengthened against the dollar as traders look set to trim their carry positions during a summer holiday season. Some Bank of Japan officials are open to raising rates at the July meeting while others see weakness in consumer spending complicating their decision, according to people familiar with the matter.

In commodities, oil was steady near a six-week low.

Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions.

23 Jul 2024, 09:08:10 AM IST

Share Market Budget 2024 Live : L&T Technology Services and SymphonyAI partner to provide AI-based business transformation solutions to global customers

Share Market Budget 2024 Live : L&T Technology Services today announced that it has partnered with SymphonyAI to provide AI-based business transformation solutions to global customers through Apex Enterprise Copilot.

The company said the solutions are delivered through SymphonyAI Apex Service Management, a predictive and generative AI-based IT service management/enterprise service management (ITSM/ESM) platform, and the Apex Enterprise Copilot, to turbocharge productivity, simplify work, and create delightful experiences for end users, analysts, and executives.

The partnership has already deployed AI-based Apex Service Management for a joint customer whose software-centric, cloud-native solutions provide high-quality media experiences across linear, on-demand, and OTT services, the company added in an exchange filing.

23 Jul 2024, 08:52:44 AM IST

Share Market Budget 2024 Live : Budget 2024: Five things that Indian stock market seeks from FM Nirmala Sitharaman

Share Market Budget 2024 Live : Union Finance Minister, Nirmala Sitharaman, is gearing up to unveil the Union Budget for the fiscal year 2024-25. This significant event has stirred expectations within the Indian stock market, particularly under the governance of Modi 3.0.

Stock market specialists anticipate a continuation of the Central Government’s existing policies. A common consensus among these experts is the potential removal of the Long Term Capital Gain Tax, also known as LTCG Tax. However, they propose maintaining the current capital gain tax structure, provided their longstanding demand is addressed on the 23rd of July, 2024. (Read the full story here.)

23 Jul 2024, 08:41:08 AM IST

Share Market Budget 2024 Live : Nifty 50, Sensex today—What to expect from Indian stock market in trade on Budget 2024 day

Share Market Budget 2024 Live : As the Union Budget 2024 is set to be unveiled in the parliament today, the Indian stock market indices are projected to commence the day on an upbeat note.

The Gift Nifty, a key indicator of market trends, also signals a promising start for the Indian benchmark index. It was observed trading at approximately 24,550 level, marking a premium of close to 30 points compared to the previous close of Nifty futures. (Read the full story here.)

 

23 Jul 2024, 08:38:16 AM IST

Sensex Today Live : Budget 2024: How Indian stock market reacted on Budget day in last 10 years

Share Market Budget 2024 Live : Finance Minister Nirmala Sitharaman is poised to introduce the Union Budget for the fiscal year 2024-25 on Tuesday, July 23. The Union Budget has consistently played a pivotal role in shaping the trajectory of the Indian stock market, with its announcement often linked to market instability.

An examination of data from the previous ten years reveals a pattern of the Indian market concluding in a downturn on the day of the budget declaration (February 1). More specifically, the market ended on a negative note in eight out of the ten sessions that coincided with the budget announcement. (Read the full story here.)

23 Jul 2024, 08:26:55 AM IST

Sensex Today Live : Indian stock market—Six key things that changed for market overnight ahead of Budget 2024 - Gift Nifty to US stocks rally

Sensex Today Live : On Tuesday, the domestic equity market’s benchmark indices, namely Sensex and Nifty 50, are projected to commence trading on a positive note. This optimistic outlook is influenced by encouraging global indicators, particularly in anticipation of the Union Budget 2024 announcement scheduled for today.

In the international arena, Asian markets have demonstrated a bullish trend. Concurrently, the US stock market concluded its overnight trading session on a high note, primarily driven by the performance of large-cap growth stocks.

Furthermore, today, Union Finance Minister Nirmala Sitharaman is poised to unveil the Union Budget for the fiscal year 2024-25 in the parliament. The forthcoming budget is anticipated to delineate the government’s strategic plan for ‘Viksit Bharat’ by 2047. Key areas of focus are expected to include the rural economy, infrastructure development, housing, and defence sectors. (Read the full story here.)

23 Jul 2024, 08:18:20 AM IST

Sensex Today Live : Markets prepared for the budget 2024 announcements today

Sensex Today Live : Indian shares will likely open little changed on Tuesday, as investors brace for policy announcements in the union budget due at 11 a.m. IST, which could have a huge bearing on the trajectory of markets.

The GIFT Nifty was at 24,550 points as of 7:19 a.m. IST, suggesting that the NSE Nifty 50 will open near its Monday's close of 24,509.25.

The Nifty has hit multiple all-time highs through its roughly 13% rally this year, despite a near 6% slide on June 4 when Prime Minister Narendra Modi's party returned to power but by unexpectedly having to rely on allies. Still, the index has risen in each of the seven weeks since.

The budget, the new government's first major policy announcement, is expected to focus on job creation and boosting consumption, which analysts expect will be positive for sectors such consumer goods, real estate and autos.

The Nifty held ground on Monday but volatility spiked, with some analysts saying there could be higher taxes for trading-related capital gains or for derivatives trading.

"There is an outlier probability of negative changes in the capital gains tax regime, which could trigger a strong sell-off and prolonged sideways market thereafter," said Seshadri Sen and Arthkumar Gandhi, analysts at Emkay Global.

The Nifty's more-than-200% surge from the COVID-19 lows in March 2020 was largely powered by an influx of retail traders, especially in the derivatives market.

Still, that influx, and the country's rising market capitalisation-to-GDP ratio, were among the markets-related cautionary statements in the government's Economic Survey released on Monday.

In the survey, the government also pegged economic growth at 6.5%-7% growth for 2024-25, less than most analysts and even the central bank's projection.

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