• Source:JND
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Stock Market:  The equity indices closed lower on the Budget day as investors opted for profit booking amid mixed global cues. After getting early gains, the sock markets turned volatile as the finance minister started the presentation of the interim Budget. She announced a marginal hike in capital expenditure outlay. She did not come with major announcements as well.

BSE's Sensex declined 106.81 points or 0.15 per cent to settle at 71,645.30. During the day, it gyrated between a high of 72,151.02 and a low of 71,574.89. While NSE Nifty tanked 28.25 points or 0.13 per cent to close at 21697.45.

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- Shares of companies related to the electric vehicle segment jumped on Thursday after the announcement that the government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged. The stock of Olectra Greentech jumped 6.21 per cent to reach its 52-week high of Rs 1,849.25 on the BSE. JBM Auto climbed 4.96 per cent to hit its one-year peak of Rs 2,010.80. Greaves Cotton went up by 3 per cent to the day's high of Rs 168.55.

- Finance Minister Nirmala Sitharaman promised economic reforms to drive growth in her budget speech, which was largely expected to avoid significant spending on new welfare programmes ahead of the election.

- The country has set a target to narrow its fiscal deficit to 5.1% in the fiscal year 2024/25 and reduce its borrowings below economists' estimates. Sitharaman said India will borrow a gross 14.13 trillion rupees ($170.36 bln) in fiscal 2025, lower than the economists' estimate of 15.6 trillion rupees.

- Maruti was up more than 3 per cent, Powergrid is up more than 2 per cent, while Ultratech Cement and L&T were down more than 1 per cent at around 1:30 pm today.

- Sensex was trading at 72,001.34 up by 202 points at around 11:05 am

- Nifty was trading above 21800 at around 11:03 am

- Sensex was trading at 71954.13 up by 202 points at around 10:22 am

- Nifty 50 was trading at 21,771.30 up by 45 points at around 10:24 am

The moods of the market would depend on the announcement made by Sitharaman during her speech today.

Also read: Union Budget 2024 LIVE: Nirmala Sitharaman Showcases 'Bahi khata' Ahead Of Speech, Citizens Await FM’s Fiscal Roadmap

Although The budget is scheduled before the general elections, the Finance Minister probably would reduce the budget gap and focus on infrastructure instead of spending heavily on welfare programs. 

While, it looks certain that the government would unlikely make any major policy changes and announcements, the extent of government expansion in capital expenditure and fiscal consolidation will be closely monitored.

Finance Minister Nirmala Sitharaman will announce the budget for the financial year 2024-25 starting at 11 am on April 1. This will be the 6th time, she will be presenting the union budget.

Meanwhile, Shares of fintech firm Paytm fell 20% as the Reserve Bank of India barred Paytm Payments Bank from credit transactions in its services due to recent deposit and supervisory issues.

Also Read: Budget 2024: Nirmala Sitharaman's 6th Straight Budget To Focus On Women, Economy, Infrastructure

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