• Source:JND
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Stock Market: equity market benchmark indices Sensex and Nifty declined in early trade, continuing their fall for the fifth consecutive session, led by Axis Bank and weak global markets. The announcement of a rise in securities transaction tax and short-term capital gains tax in the 2024-25 Budget, heavy foreign capital outflows following a record surge in growth, and profit-taking also dampened market sentiment during early trade.

The 30-share BSE Sensex fell 671 points to close at 79,477.83. The NSE Nifty decreased by 202.7 points to end at 24,210.80.

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Axis Bank fell by nearly 6% from the Sensex pack as the company's earnings failed to impress investors in the June quarter. JSW Steel, Tata Steel, ICICI Bank, Power Grid, Ultratech Cement, and Titan are among the laggards.
Larson & Toubro, Tata Motors, Kotak Mahindra Bank, and HDFC Bank gained.

Asian markets in Seoul, Tokyo, Shanghai, and Hong Kong traded lower. On Wednesday, US markets ended significantly lower. According to exchange data, foreign institutional investors offloaded equities worth Rs 5,130.90 crore on Wednesday. Brent crude, the global benchmark, fell 0.76 percent to US$81.09 a barrel.

On Wednesday, the benchmark BSE fell 280.16 points, or 0.35 percent, to 80,148.88. The NSE Nifty decreased by 65.55 points, or 0.27 percent, to 24,413.50. For the past four days, the Indian stock market has been closed in red. The announcement made in budget 2024 regarding taxes on capital gains has triggered a bullish trend as short-term investors and trades are believed to be impacted more. 

(With PTI's Inputs)

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