Mumbai July 23 2024 : In today’s stock market developments, the Sensex and Nifty have reversed early gains to enter negative territory, reflecting cautious sentiment among investors ahead of the Union Budget presentation by Finance Minister Nirmala Sitharaman. As of 9:40 am, the NSE Nifty 50 and S&P BSE Sensex initially opened higher by 0.3%, but have since flattened out at 24,516.65 points and 80,553.96 points, respectively.
Sector-wise, all 13 major sectors showed gains initially, with notable increases seen in financials, state-owned lenders, and public sector companies, which rose between 0.35% to 0.7%. Among the top performers in the Sensex were UltraTech Cement, Mahindra & Mahindra, ITC, Larsen & Toubro, and NTPC, while HCL Tech, Power Grid, JSW Steel, and Tata Steel lagged behind.
Investors are closely monitoring the Budget announcements, particularly for any potential changes in long-term capital gains (LTCG) tax and sector-specific proposals. According to analysts, the budget will also provide insights into the government’s fiscal priorities, including whether there will be a shift towards social welfare programs over capital expenditure.
As the market prepares for the Finance Minister’s Budget speech at 11 am, the Sensex is currently trading at 80,408, down 93 points, while the Nifty stands at 24,468, down 41 points from the previous close.
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