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EU Budget 2024: Stock markets crash as EU Budget is presented
Stock markets are volatile as Finance Minister Nirmala Sitharaman presented the Union Budget on July 23. File | Photo Credit: ANI
Stock indices Sensex and Nifty fell after Finance Minister (FM) Nirmala Sitharaman announced an increase in STT (Securities Transaction Tax) on F&O (futures and options) securities.
The 30-stock BSE Sensex surged as soon as Finance Minister Sitharaman began presenting the 2024-25 budget. But, within minutes, it slipped into the red and later fell 1,266.17 points to 79,235.91 in the afternoon session.
Click here for updates and highlights of the Union Budget 2024
The NSE Nifty also gained as the Finance Minister began presenting her seventh Union Budget in the Lok Sabha. However, volatile trends soon emerged and the benchmark index later fell 435.05 points to 24,074.20.
The benchmark BSE index climbed 264.33 points to 80,766.41 in early trade. The Nifty gained 73.3 points to 24,582.55.
Ms Sitharaman said on Tuesday that the government plans to increase the capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for the middle and upper class.
While presenting the budget for 2024-25, she announced an increase in STT (securities transaction tax) on F&O (futures and options) securities by 0.02% and 0.1%.
This is the first budget in the third term of Prime Minister Narendra Modi's government.
India's economic growth continues to shine as the global economy continues to grapple with political uncertainty, Sitharaman said.
The country's inflation remains stable and is heading towards 4%, and core inflation stands at 3.1%.
Among the Sensex group, Larsen & Toubro, Bajaj Finance, Power Grid, Reliance Industries, State Bank of India and Bajaj Finserv were the top laggards.
Titan, ITC, Hindustan Unilever and Adani Ports were among the biggest gainers.
Foreign institutional investors (FIIs) bought shares worth Rs 3,444.06 crore on Monday, according to exchange data.
In Asian markets, Seoul and Tokyo advanced while Shanghai and Hong Kong declined.
US markets ended in positive territory on Monday.
Brent crude oil, the global market benchmark, rose 1.12% to $82.40 a barrel.
Down for the second consecutive day, the benchmark BSE index fell 102.57 points, or 0.13 per cent, to settle at 80,502.08 on Monday.
The NSE Nifty fell 21.65 points, or 0.09 per cent, to 24,509.25.
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