The 30-share Sensex of the Bombay Stock Exchange surged by over 250 points as markets opened at 9:15 am, but early trading saw these gains diminish.
NEW DELHI, 23 JULY 2024
Indian equities are trading cautiously ahead of the Union Budget 2024, amid expectations of tax sops and job creation measures. The 30-share Sensex of the Bombay Stock Exchange climbed over 250 points as markets opened at 9:15 am but wiped out these gains in early trading. Nifty is also trading in the red, in anticipation of the Budget announcements.
Yesterday, the Sensex closed at 80,502.08, while the NSE benchmark ended at 23,537.85.
Finance Minister Nirmala Sitharaman, who has reached Parliament, will present the Budget 2024 at 11 am. Expectations of tax relief for the middle class and job creation measures are likely to give a positive nudge to the markets.
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NTPC, ITC, and UltraTech Cement are among the leading gainers in the BSE pack, while major losers include JSW Steel and HDFC Bank.
IT stocks, including Wipro, HCLTech, and Tech Mahindra, are also trading in the red.
The pre-budget Economic Survey, unveiled yesterday, noted a considerable slowdown in IT sector hiring in the last financial year, with significant recovery unlikely.
“Any modifications to the LTCG tax will be closely watched by market participants. The market will be greatly relieved if there are no changes, and this is likely to cause a bullish reaction, according to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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