Stock Market Closing. Stock market falls on budget day, Sensex slips 107 points
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Mumbai Domestic stock markets closed with a decline in volatile trade amid mixed signals on Thursday, the day of announcement of the interim budget for the next financial year. After losing initial gains, the domestic market became volatile around the time of the interim budget presentation. However, there has been a slight increase in the allocation for capital expenditure in this budget but any major announcement has been avoided.
The 30-share BSE Sensex fell 106.81 points, or 0.15 percent, to close at 71,645.30. It also touched a high of 72,151.02 and a low of 71,574.89 during trading. National Stock Exchange (NSE) index Nifty fell 28.25 points or 0.13 percent to 21,697.45 points. During trading, Nifty reached a high of 21,832.95 points and a low of 21,658.75 points. Domestic market sentiment weakened after the US Federal Reserve indicated it would not cut interest rates in March.
Apart from this, the market’s expectations regarding the budget also suffered a slight setback. “The domestic market was a bit disappointed with lower-than-expected infrastructure spending in the interim budget,” said Vinod Nair, head of research at Geojit Financial Services. However, the government’s commitment to fiscal prudence, targeting fiscal deficit of 5.1 per cent for FY 2024-25 is expected to improve the economic rating outlook.” Sensex constituents include Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were major losers.
On the other hand, shares of Maruti Suzuki, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were among the gainers. Amar Ambani, executive director at Yes Securities, said, “The Finance Minister has done a great job of charting a sustainable growth path forward.” Sahil Kapoor, head (product and market strategist), DSP Mutual Fund, said, “This Budget Completely focused on fiscal consolidation. However, it was likely to emphasize populism in view of the upcoming elections. Meanwhile, in other markets in Asia, South Korea’s Kospi and Hong Kong’s Hang Seng closed with gains while Japan’s Nikkei and China’s Shanghai Composite declined. Stay on. There was a mixed trend in European markets.
The US Federal Reserve on Wednesday kept its key interest rate steady and said it does not expect to cut rates anytime soon. International oil benchmark Brent crude rose 0.66 percent to $81.08 per barrel. According to stock market data, foreign institutional investors (FIIs) had sold shares worth Rs 1,660.72 crore on Wednesday.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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