Business Economy


Sensex crashes in intra-day on budgetary proposals; recovers to close 73 points down

Sensex crashes in intra-day on budgetary proposals; recovers to close 73 points down

Mumbai, July 23 (UNI) India’s benchmark indices remained under pressure for the third consecutive session on Tuesday as the BSE Sensex ended lower 73.04 points to settle at 80,429.04 as the union budget of Modi 3.0 failed to bring cheers among investors mainly due to budgetary proposal to increase the capital gains tax.

The National Stock Exchange (NSE) Nifty also slipped 30.20 points to 24,479.05.

Benchmark Sensex and Nifty settled marginally lower in volatile tradeas the government proposed to hike securities transaction tax on futures and options in the budget for 2024-25.

During the intra-day the BSE Sensex had crashed over 1200 points as the budget was being presented in the Parliament. It, however recovered mostly and settled lower by 73.04 points or 0.09 per cent 80,429.04.

The index moved rapidly between highs and lows during the day as Finance Minister Nirmala Sitharaman announced budget proposals for 2024-25.

The BSE Sensex tanked 1,277.76 points or 1.58 per cent to hit a low of 79,224.32 as the minister announced a hike in STT on F&O trade and an increase in long-term capital gains tax on equities. However, tax exemptions and customs duty cuts and other budgetary proposals helped boost consumer durables and FMCG shares, aiding stocks to recover from the day's lows.

The NSE Nifty dipped 30.20 points or 0.12 per cent to 24,479.05. Intra-day, it dropped 435.05 points or 1.77 per cent to 24,074.20. Among the individual stocks, Titan jumped over 6 per cent and ITC surged more than 5 per cent.

The Mid Cap declined by 0.74 per cent and Small Cap by 0.18 per cent. In the 30-scrip index 13 advanced while 17 declined.

The FIIs were net buyer worth Rs 3444 crore and the DIIs sold to the tune of Rs 1652 crore in the last trading session, according to data available.

The losers were L& T by 3.02 per cent to Rs 3541, Bajaj Finance by 2.07 per cent to Rs 6740, SBI by 1.65 per cent to Rs 863.90, Axis Bank by 1.62 per cent to Rs 1263 and HDFC Bank by 1.42 per cent to Rs 1617.50.

The gainers were Titan by 6.71 per cent to Rs 3471, ITC to Rs 497, Adani Ports by 2.69 per cent to Rs 1506.30 and NTPC by 2.53 per cent to Rs 383.

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