Budget 2024 in Share Market: The day of Budget 2024 in the stock market was full of ups and downs and both ups and downs were seen in the market. The market was trading at a flat level at the beginning of the budget speech of Finance Minister Nirmala Sitharaman.
After the announcement of capital gains tax, the market witnessed a sharp decline at around 12.15 pm and Nifty fell from the day’s high of 24582 to the day’s low of 24074. During this period, the biggest decline was in PSU stocks.
However, the market showed a tremendous recovery from the lower levels and Nifty once again reached the level of 24500. At the end of the trading session, Nifty closed at the level of 24479 after falling 30 points, while Sensex closed at the level of 80429 after falling 73 points.
After the increase in long term and short term capital gains tax, there was a lot of volatility in the market (Budget 2024 in Share Market). FMCG stocks saw a rise in today’s market. Titan Company’s stock rose the most by 7 percent today.
Stocks like ITC, Tata Consumer, NTPC, Adani Ports were the top gainers of Nifty 50, while stocks like Shriram Finance, L&T, Hindalco, Bajaj Finance were the top losers of Nifty 50.
Despite the volatility in the market, Nifty defended its support zone of 24000 and buying came in the market just before this level. When selling was seen in the market in the afternoon, PSU stocks fell sharply and fell by a huge 10 percent.
In the budget, more emphasis was given on PM Surya Ghar Free Electricity Scheme, after which solar energy related stocks came into discussion. Stocks like Titan and NTPC benefited from the budget announcements and were the top gainers in today’s market.
