Sensex off day’s low; Nifty sheds 50 points FM hikes LTCG & STT on F&O trade

23 Jul 2024 , 02:14 PM

On Tuesday, Indian shares fluctuated, alternating between slight gains and losses, coinciding with the introduction of the Union Budget. Consumer stocks led the benchmarks higher as the government announced financial aid for the industry, which helped to boost overall market optimism.

At around 2.14 PM, BSE Sensex was trading 123 points lower at 80,379. NSE Nifty was down by 50 points at 24,463.

On the sectoral front, the Nifty FMCG index was trading 2.21% higher after the government decided to maintain the current tax rates on cigarettes and other tobacco goods. On the other hand, Nifty Bank and Financial Services indices slipped over 1%. Telecom infra stocks plunged over 4% after the government increased the baseline customs duty on certain telecom equipment from 10% to 15%.

India’s Volatility index slipped 15%.

The rupee fell to an all-time low against the US dollar as stock markets fell after Finance Minister Nirmala Sitharaman recommended raising tax rates on long-term and short-term capital gains (LTCG and STCG).

On the nifty index, the top gainers were Titan, ITC, Tata Consumer, Adani Ports, and Hindustan Unilever. On the other hand, Larsen & Toubro, Hindalco, ONGC, Power Grid, and Shriram Finance were the top laggards.

On individual stock basis, shares of MapmyIndia and Genesys International rose as much as 10% in intraday trading on Tuesday after Finance Minister Nirmala Sitharaman said in her Budget speech that land records in metropolitan areas would be digitised using GIS mapping.

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