The market’s shine seems to be missing after the budget. Benchmark equity indices started Thursday’s trading session in the negative zone. The domestic stock market opened with a big fall on Thursday. The benchmark index Sensex of the Bombay Stock Exchange (BSE) was trading 542.41 points lower at 79606.47 at 9.15 am at the opening time. Similarly, Nifty also started trading at 24240.50, down 173 points. It was seen that the market did not see enthusiasm about the Union Budget 2024 presented on July 23. The broader indices opened in the negative zone. The Bank Nifty index opened at 50,762.30, down 554.70 points. This decline in the stock market was due to profit booking in financial and banking stocks after the government announced a hike in securities transaction tax and short-term capital gains tax in the Budget for 2024-25.
Top gainer and top loser stocks
SBI Life Insurance, L&T, Tata Motors, Nestle and HUL were the major gainers on the Nifty at the start of trade, while Axis Bank, Hindalco, Tata Steel, Power Grid Corp and Shriram Finance were among the losers. On Thursday morning, WTI crude prices are trading 0.12% lower at $77.37, while Brent crude prices are trading 0.34% lower at $81.43.
Stocks across the Asia-Pacific region are trading in negative territory on Thursday morning. The Asia Dow is down 1.68%, Japan’s Nikkei 225 is down 2.89%, Hong Kong’s Hang Seng index closed marginally lower by 0.64%, and the benchmark Chinese index Shanghai Composite is down 0.24%.
How was the attitude of investors
According to provisional data available on NSE, foreign institutional investors (FIIs) sold shares worth Rs 5,130.90 crore, while domestic institutional investors (DIIs) bought shares worth Rs 3137.30 crore on July 24, 2024. On the other hand, the rupee fell by 1 paisa to an all-time low of 83.72 against the US dollar in early trade on July 25.
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