Sensex, Nifty 50

Sensex, Nifty fall after FM hikes STT on F&O

Sensex and Nifty experienced a sharp decline after Finance Minister Nirmala Sitharaman announced a hike in the Securities Transaction Tax (STT) on Futures and Options (F&O) securities.

The 30-share BSE Sensex initially surged as Nirmala Sitharaman began presenting the Budget for 2024-25. However, it quickly reversed course, falling 1,266.17 points to 79,235.91 during the afternoon trade.

Similarly, the NSE Nifty also saw an early rise when the Finance Minister started her presentation. However, it soon faced volatility and dropped 435.05 points to 24,074.20. Earlier in the day, the BSE benchmark had climbed 264.33 points to 80,766.41, while the Nifty had increased by 73.3 points to 24,582.55.

Budget

In her Budget presentation, Nirmala Sitharaman announced plans to raise the capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for the middle and upper-middle class. She also revealed an increase in the STT on F&O securities by 0.02 percent and 0.1 percent.

This Budget marks the first of Prime Minister Narendra Modi’s third term in office.

Sitharaman highlighted that India’s economic growth remains robust despite global economic uncertainty. The country’s inflation is stable and approaching 4 percent, with core inflation at 3.1 percent.

Among the Sensex constituents, Larsen & Toubro, Bajaj Finance, Power Grid, Reliance Industries, State Bank of India, and Bajaj Finserv were the major decliners. On the other hand, Titan, ITC, Hindustan Unilever, and Adani Ports were the top gainers.

Major Decliners (Downside Trend)

1. Larsen & Toubro
2. Bajaj Finance
3. Power Grid
4. Reliance Industries
5. State Bank of India
6. Bajaj Finserv

Major Gainers (Upside Trend)

1. Titan
2. ITC
3. Hindustan Unilever
4. Adani Ports

These companies experienced significant movements in the stock market today, with the first group facing declines and the second group showing gains.

for more details go on : https://www.thehindubusinessline.com/markets/stock-markets/sensex-nifty-down

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