Budget 2024-25, Stock Market Live: Market Settle Lower After Highly Volatile Session; Sensex Falls 73 Points, Nifty Ends Trade Below 24,500

The equity market closed in the red after a heavy volatile session. The stock market opened in green and plunged heavily after the announcement of an increment in taxes on investment. 

The budget day has been highly volatile as the market reacted to the announcement made in the budget speech. The market plunged especially after the finance minister proposed an increment of taxes on Long Term Capital Gain And Short Term Capital Gain. Earlier the Sensex plunged over 700 points in mid hours.

After Finance Minister Nirmala Sitharaman announced to hike long long-term capital gain to 12.5% from 10% and Short-term capital gain to 20 percent from 15 percent, the broader market plunged over 1 percent in day trade. At around 2:00 pm, the Bank Nifty fell 555 points, the Nifty Next 50 plunged 857 points, and the Nifty Midcap index fell 60 points.

Investors have to pay more taxes on investments in the stock market as the government has hiked the rate on long-term capital gain from 10% to 12.5%.

In huge announcements for small and medium-level businesses or people who want to start a small-scale industry, the finance minister announced to increase in the limit of Mudra loans to up to 20 lakh. Currently, the limit for the Mudra loan scheme is Rs 10 Lakh.

Union Finance Minister Nirmala Sitharaman in her Budget Speech announced that the government will facilitate internship opportunities for over 1 crore students in the next five years. The Finance Minister said that the student would get a stipend of Rs 5,000 during the internship period.

Both the major domestic stock indices turned red as Finance Minister Nirmala Sitharaman continued to present the budget in the lower house of parliament. The sense is down 33 points, Nifty 50 fall 29 points. 

Union Government to provide an incentive to 30 lakh youth entering the job market by providing 1 month PF contribution. The finance minister also announced Govt to launch three employment-linked schemes for youths.

Finance Minister Nirmala Sitharaman says, "India's economic growth continues to be the shining exception and will remain so in years ahead. India's inflation continues to be low and stable moving towards the 4% target..."

Finance Minister Nirmala Sitharaman started the budget speech. Sense, the index of the top 30 shares on BSE, bounced back to trade in positive territory after it fell in after opening in green, it was trading with a gain of 160 points. Nifty 50 also recovered from the loss and was trading flat.

The Shares of Suzlon Energy, and Multibagger stock, surged 5% to hit the upper circuit after the renewable sector company posted a 200% year-on-year. 

The domestic benchmark indices turned flat within an hour after they opened in positive territory. 

NTPC, Mahindra and Mahindra, L&T, ITC, and Maruti Suzuki are the top gainers among the Sensex pack. Bharati Airtel, Tata Steel, Sunpharma, and Reliance were trading in red in early trade. 

Stock Market Opens In Positive Territory

The Nifty Financial Service Index is indicating a downward trend, with a bearish outlook. The Budget day is expected to be a highly volatile trading day.

The stock market is most likely to trade around announcements that the finance minister will be making in her Budget speech but the Q1 result companies which are scheduled to be revealed today will also make an impact on the motion of the market. The list of the companies includes United Spirits, ICICI Securities, HUL, and Bajaj Finance.