Finance Minister Nirmala Sitharaman presented the first budget of the Modi government's third term today in the Lok Sabha. As anticipated, the announcements made in the budget speech had a direct impact on the stock market, particularly regarding the changes in capital gains tax.


By Shivani Kotnala Tue, 23 Jul 2024 04:19 PM (IST)

Share Market Update: LTCG Tax Hike Has Minimal Impact on Market, Sensex and Nifty Close with Slight Decline

HIGHLIGHTS

  • Stock Market Today: Market recovers after LTCG tax hike.
  • Stock Market Today: Sensex ends 73 points lower.
  • Share Market Budget: Sensex fell over 1200 points after the budget speech.

Business Desk, New Delhi: Today, July 23rd, Finance Minister Nirmala Sitharaman presented her seventh consecutive budget. The stock market opened in the green with Sensex and Nifty but faced a setback when the government announced an increase in capital gains tax. Despite this, the market closed with only a slight decline.

Share Market Today: Top 5 Gainers Out of the 30 BSE Sensex stocks, 13 closed with gains. Titan led with a 6.71% increase, followed by ITC, Adani Ports, NTPC, and Infosys, which saw gains between 1% to 5%.

Stock Market Today: ITC Shares Surge ITC shares surged over 6% after the budget announced no additional taxes on tobacco. Nifty FMCG rose by 2.7%, with ITC leading the pack. ITC Ltd shares rose by 6.52%, closing at ₹496.95.

Share Market Update Today: Minimal Impact of Capital Gains Tax Hike Both BSE Sensex and NSE Nifty ended the trading day with minor declines. Sensex closed 73.04 points down at 80,429.04, and Nifty closed 30.20 points down at 24,479.05.


Fertilizer Companies See Profit Booking Fertilizer company shares saw significant profit booking today as the budget allocated ₹2.66 lakh crore for rural development. FACT, Chambal Fertilizers & Chemicals, Deepak Fertilizers, Gujarat State Fertilizers, and Coromandel International saw gains up to 5%.

Share Market Live Update Today: Telecom Infra Stocks Decline Telecom infrastructure company shares fell over 4% as the government announced an increase in basic customs duty on telecom equipment from 10% to 15%. HFCL fell by 4.60%, Vodafone Idea by 4.15%, Tejas Networks by 2.69%, and ITI by 2.58%.

Share Market Live Update: Market Recovers The market recovered after initially falling 1200 points due to the capital gains tax announcement. By 2:43 PM, Sensex was up 96.38 points at 80,598.46, and Nifty was up 13.10 points at 24,522.35.


Share Market Live Today: Market in Red By 2:22 PM, the market was in the red, with Sensex down 212.47 points at 80,289.61 and Nifty down 55.30 points at 24,453.95.

Share Market Budget Live Today: BHEL and NTPC Shares Surge BHEL and NTPC shares surged over 3% after the finance minister announced the setup of a high-efficiency 800 MW supercritical thermal power plant.

Share Market Live Today: Jewelry Shares Surge Jewelry retailer shares surged after the finance minister announced a reduction in basic customs duty on gold and silver to 6%. Senco Gold rose 6.16%, Rajesh Exports by 5.49%, and PC Jeweller by 5%.

Capital Goods Shares Decline Shares of capital goods companies declined after the budget retained capital expenditure at ₹11.11 lakh crore. Titagarh Wagons fell by 2.65%, and Rail Vikas Nigam Ltd by 5.17%.

Increase in Security Transaction Tax on F&O from July 23 The finance minister announced an increase in the security transaction tax on F&O from 0.01% to 0.02%, effective from July 23.

Capital Gains Tax Increase Details Long-term capital gains tax has been increased from 10% to 12.5%, and short-term capital gains tax from 15% to 20%. The exemption limit for capital gains is now ₹1.25 lakh per year.

Share Market Update: Market Reaction to Capital Gains Tax Announcement After the announcement, Sensex fell 631.61 points to 79,870.47, and Nifty fell 151.95 points to 24,357.30 by 12:51 PM.

Stock Market Update: Investor Impact Investors were hit as the finance minister announced an increase in long-term capital gains tax to 12.5%. The stock market experienced turmoil.

Share Market Live Update: Market Drop During Budget Speech During the budget speech, Sensex dropped 893.66 points to 79,608.42.

Share Market Today: Shrimp Farming Boost Shares of shrimp farming companies surged up to 8% after the finance minister announced funding and marketing support for shrimp farming through NABARD.

Share Market Live Today: Energy and Solar Stocks in Spotlight Energy and solar stocks gained spotlight during the budget speech. Adani Green Energy rose by 3.01%, and Borosil Renewables by 7.51%.

Stock Market Today: Road Connectivity Projects Boost Infra Stocks The finance minister announced a ₹26,000 crore boost for road connectivity projects, pushing infra stocks like Larsen & Toubro and IRB Infrastructure up.

Share Market Live Today: FMCG Stocks Gain FMCG stocks gained after the finance minister announced employment schemes in the budget, boosting consumer staple product demand.

Stock Market Update Today: Sensex Drops During Budget Speech Sensex dropped 53.02 points to 80,449.06 at 11:27 AM.

Stock Market Update Today: Market Rises as Budget Speech Begins At 11:10 AM, as the budget speech began, Sensex rose by 151.70 points to 80,653.78, and Nifty by 38.45 points to 24,547.70.

Stock Market Today: Focus on LTCG Tax VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that market participants will closely watch for any changes in LTCG tax. If no changes are made, it will be a relief for the market.

Stock Market Live Update: Energy Stocks Focus Energy stocks like Adani Power, Coal India, JSW Energy, NTPC, and Tata Power saw significant gains in 2024. Suzlon Energy also rose by 20% this year.

Stock Market Live Updates: Market Opens Green, Turns Red The market opened in the green but turned red by 10:16 AM, with Sensex down 180.85 points and Nifty down 71.55 points.

Share Market Today: Rupee Rises Against US Dollar The rupee rose by 4 paise to 83.62 against the US dollar ahead of the budget presentation.

Share Market Budget 2024 Live: Focus on Certain Stocks Investors will focus on stocks in the railway, defense, and infrastructure sectors during Budget 2024.

Share Market Budget 2024 LIVE: Top Gainers and Losers UltraTech Cement, NTPC, Larsen & Toubro, ITC, and Maruti Suzuki were the top gainers, while HCL Tech, JSW Steel, HDFC Bank, Power Grid Corp, and Tech Mahindra were the top losers.

Share Market Today: Sensex and Nifty Open Green on Budget Day Sensex opened 193.35 points up at 80,695.43, and Nifty opened 53.40 points up at 24,562.70.

Share Market Live Today: Market Opens with Gains on Budget Day The market opened with gains, with Nifty crossing 24,550.

Stock Market Live Updates: Market Performance Yesterday On Monday, Sensex closed 102.57 points down at 80,502.08, and Nifty closed 21.65 points down at 24,509.25.

Share Market LIVE: Retail Investors Mentioned in Economic Survey 2024 The Economic Survey 2024 mentioned the rapid increase in retail investors and the rising trend of speculative activities in the stock market, causing significant losses.

Share Market LIVE: Potential Decision for Retail Investors The government may consider retail investors and F&O traders' losses in its capital gains tax decisions, affecting the market.

Share Market Live Update: Market Could Rise or Fall on Budget Day The stock market could rise or fall based on the capital gains tax announcements. Yesterday, the market closed in the red within a limited range.