NSE Nifty 50 traded at 24,200 which fell by over 300 points as Union Finance Minister Nirmala Sitharaman finished presenting the Union Budget 2024.
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The Indian stock market crashed with the S&P BSE Sensex falling over 1,000 points and going below the 80,000 mark while the NSE Nifty 50 traded at 24,200 which fell by over 300 points as Union Finance Minister Nirmala Sitharaman finished presenting the Union Budget 2024. The market crashed sharply after Finance Minister Nirmala Sitharaman announced a hike in the Securities Transaction Tax (STT) on Futures and Options (F&O) securities.
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The markets had turned volatile mid-trade as Sitharaman's Union Budget 2024 presentation was underway in the Lok Sabha. The 30-share BSE Sensex jumped as soon as she began presenting the budget but fell within minutes in the red and traded flat until 11.41 am.
The NSE Nifty too ticked higher at the start of the presentation however volatile trends soon hit and the benchmark traded almost 18.25 points lower.
The finance minister recommended boosting the capital gains exemption limit on some financial assets to Rs 1.25 lakh per year for the middle and upper-middle class, as well as increasing STT on F&O securities by 0.02 and 0.1 per cent respectively, reported PTI.
According to the report, this is the first budget during Prime Minister Narendra Modi's third term. Sitharaman underlined India's solid economic growth amidst global policy uncertainties, with inflation approaching 4 per cent and core inflation at 3.1 per cent.
Larsen & Toubro, Bajaj Finance, Power Grid, Reliance Industries, State Bank of India, and Bajaj Finserv were among the top Sensex losses. Titan, ITC, Hindustan Unilever, and Adani Ports were the largest gainers, PTI stated.
According to the report, FIIs purchased equities worth Rs 3,444.06 crore on Monday. In Asian markets, Seoul and Tokyo were up, while Shanghai and Hong Kong were down. On Monday, US markets ended positively. Brent crude, the global oil standard, climbed 1.12 per cent to USD 82.40 per barrel.
Jewellery stockpiles rose when the government reduced the basic customs levy on gold and silver to 6 per cent. Senco Gold climbed by 6.16 per cent, Rajesh Exports by 5.49 per cent, and PC Jewellers by 5 per cent. Titan Company, Tribhovandas Bhimji Zaveri, and Kalyan Jewellers all made profits. The finance minister also recommended lowering the customs charge on platinum to 6.4 per cent and eliminating it on ferro nickel and blister copper, meeting long-standing demands from the gems and jewellery industry, the PTI report stated.
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