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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.

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