Stock Market Updates: Benchmark indices in the Indian stock markets witnessed another volatile session on Wednesday as investors assessed and reacted to the Budget 2024 proposals. The BSE Sensex index, which fell to a low of 79,750 during the day, ended at 80,149, down 280 points or 0.35 per cent.
The Nifty50, meanwhile, hit an intraday low of 24,307 before settling at 24,414, down 66 points or 0.27 per cent.
Among stocks, selling in Bajaj Finance, Axis Bank, Bajaj Finserv, HUL, Nestle India, Adani Ports, SBI, Kotak Bank, and IndusInd Bank weighed on the frontline indices.
In the broader markets, the BSE MidCap index gained 0.68 per cent, and the BSE SmallCap index rose 2 per cent.
Sectorally, the Nifty Media index climbed 2.5 per cent, and the Nifty Pharma, and Realty indices 0.7 per cent each. The Nifty Bank index, on the contrary, fell 0.89 per cent.
Market View by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Now that the steep increase in STCGs tax and the marginal increase in LTCGs tax on equity is a reality, investors should focus on investing in stocks which can deliver superior returns. In the present context FMCG stocks look attractive from the valuation perspective. Watch out for stocks like ITC and United Spirits. It is important to understand that the Budget strengthens the India Growth Story with focus on growth with financial stability.
The fiscal consolidation being attempted through the Budget is a big positive that should not be missed amidst the concerns of increase in capital gains tax. Another important factor is that the removal of indexation benefits on gold and real estate will make equity a superior asset class, relatively.
Global Cues
In Asian markets, Seoul settled higher while Tokyo, Shanghai and Hong Kong ended lower.
European markets were trading higher.
The US markets ended in the positive territory on Monday.
Global oil benchmark Brent crude climbed 0.25 per cent to USD 82.63 a barrel.
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