Stock Market Budget 2024 Highlights: Markets closed on a negative note as the government increased short-term capital tax gains and long-term capital gains tax. However, to boost foreign investment the government announced that there’ll be no angel tax across any asset class. The Nifty 50 closed 33 points or 0.13% lower at 24,476.55, while the BSE Sensex closed 62 points or 0.08% lower at 80,440. The long-term capital gains tax was revised to 12.5% from 10%. The government revised the Security Transaction Tax to 0.02% from 0.01% for F&O. Bank Nifty closed 502 points or 0.96% lower at 51,778, while the Nifty Midcap 100 fell 339 points or 0.60% to settle at 56,285.25.
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Budget 2024 Stock Market Highlights: Nirmala Sitharam presented her 7th budget in parliament
Finance Minister announced that NTPC and BHEL will form a joint venture to establish an 800 MW super critical thermal power plant with higher efficiency. Following this announcement, NTPC and BHEL stocks are trading over 2% higher.
Shares of Kaveri Seed Company and Dhanuka Agritech surged up to 8% on Tuesday after Finance Minister Nirmala Sitharaman announced in her Union Budget speech that over 1 crore farmers will be initiated into natural farming in the next two years.
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The sectoral index Nifty Oil & Gas fell over 1% dragged by big stocks like ONGC, Reliance Industries, IOC, BPCL, and others as Nirmala Sitharaman presents the budget.
Courtesy: NSE
Shares of Apex Frozen Foods, Avanti Feeds Ltd., and Waterbase gained as much as 6% in trading on Tuesday, July 23, after Union Finance Minister Nirmala Sitharaman announced plans to support shrimp farming. Presenting her seventh Union Budget, FM Sitharaman stated that the Central Government will encourage financing and marketing for shrimp farming through the National Bank for Agriculture and Rural Development (NABARD).
Education stocks such as Addictive Learning Technology, Arihant Academy, Career Point, LCC Infotech, and many others are to be in focus as FM Nirmala Sitharaman while presenting the budget said that the government will be focusing on employment, education, skilling, etc. The focus is primarily driven by the greater emphasis on job creation in the manufacturing sector.
Infrastructure companies are optimistic about increased government spending on development projects. Stocks like Larsen & Toubro and GMR Infra are climbing.
Adani Ports, ITC, L&T, Tata Consumer Products, and UltraTech Cement are the top gainers on NSE Nifty 50 index whereas the top laggards include ONGC, Shriram Finance, LTIMindtree, Hindalco Industries, and Reliance Industries.
Cement stocks gained further higher as Nirmala Sitharaman, Finance Minister of India, presents the budget for FY25. Stocks like Indian Hume Pipe, Birla Corporation, ACC, HIL, The Ramco Cements, Dalmia Bharat, Shree Cements, and other gained in a range of 2.10% – 1.50%.
Courtesy: NSE
Shares of state-run Rail Vikas Nigam Ltd. (RVNL) are trading near record highs, having recovered substantially from recent declines. The stock has surged nearly 60% over the past month, propelling RVNL’s market capitalization to Rs 1.3 lakh crore. RVNL is now the second railway company, after IRFC, to achieve this milestone.
Adani Ports, ITC, L&T, Tata Consumers, and Ultratech Cements were the top gainers as Nirmala stood up to present the budget for fiscal year 2025.
Union Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 in the Lok Sabha. “We are determined to ensure that all Indians, regardless of religion, caste and creed, makes substantial progress in realising their life goals and aspirations,” Nirmala Sitharaman said.
Defence Minister Rajnath Singh has set an ambitious target for India’s defense exports, aiming for Rs 50,000 crore by 2028-2029. In the financial year 2024, defense exports reached a record high of Rs 21,083 crore. Consequently, defense stocks have been in focus throughout the year.
As a result, defence stocks have been in focus throughout the year, reflecting the positive sentiment around PSUs and the sector’s growth potential.
In 2019, after an interim budget presented by Piyush Goyal, Nirmala Sitharam presented a full Union Budget on July 05. She raised income tax on HNIs, didn’t mention fiscal deficit, and proposed to increase the public shareholding up to 35%. Markets took a negative stance on it, initially, Sensex dropped 980 points but recovered a bit to end the day 395 points, or 0.99%, lower and Nifty 50 135.60 points lower.
In terms of stock performance, Mazagon Docks shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 34.36% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 91.16%, indicating a strong upward trend.
Year-to-date, Mazagon Dock shares have surged by 93%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 239.54% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
The Nifty Metal index is the top loser among sectoral indices, down 1.15%. Except for Ratnamani and Adani Enterprises, the remaining 13 stocks in the index are trading with losses.
Before Arun Jaitley presented the Union Budget in 2014, P. Chidambaram under Manmohan Singh’s government presented an interim budget on February 17 to which markets gave a positive response. On that day, Sensex closed 0.48% higher ending the session at 20,464. The markets’ sentiments were boosted as the UPA government gave the duty concession for auto, capital goods and consumer non-durable sectors and continued focus on fiscal prudence in the Interim Budget for 2014-15.
Cement stocks were quoting higher ahead of the budget presentation. Stocks like The Ramco Cements, Birla Corporations, HIL, Sagar Cements, Everest Industries, UltraTech Cements, and many other cement shares quoted in a range of 1.85% – 0.09%.
Green mobility companies, including M&M, Bajaj Auto, and Tata Motors, are anticipating a positive impact from the potential announcement of the FAME III scheme for hybrids and electric vehicles.
Affordable housing stocks such as Can Fin Homes, PNB Housing, and Homefirst Finance are in focus. Reports suggest that the government may unveil a new Rs 60,000 crore interest subsidy scheme for the urban poor and middle class, spanning five years.
As the Finance Minister is about to present the Union Budget for FY25 in a few minutes, Nifty Realty is the only sectoral index to trade in the green as markets are under pressure.
Courtesy: NSE
In 2014, the NDA government came to power with a full majority and Arun Jaitley presented the budget on July 10. Markets closed the session on a lower note, Sensex declined stood at 25,024.35 and Nifty 50 closed at 7,459.60.
FMCG stocks, including HUL, Marico, Britannia, and Dabur, are in the spotlight as Finance Minister Nirmala Sitharaman is expected to increase allocation to boost rural consumption. Rural India accounts for approximately 35% of FMCG sales, making this a key expectation ahead of the budget announcement.
In terms of stock performance, HAL shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 2% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 86.46%, indicating a strong upward trend.
Year-to-date, HAL shares have surged by 88%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 179.57% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
With one hour to go for the budget presentation, Railway and Defence stocks rose higher.
Railway stocks like BEML, IRCON International, IRCTC, IRFC, RailTel Corp of India, etc. gained between a range of 2.6% – 0.09%. Similarly, Defence stocks such as DCX Systems, Bharat Electronics, Paras Defnece & Space, Ideaforge Technology, Solar Industries, etc. gained in a range of 1.97% – 1.25%.
Reliance Industries shares hit a three-week low during intraday trading on July 22, approaching the 50-day moving average (DMA) level ahead of Union Budget 2024.
In terms of stock performance, Reliance Industries shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 5.47% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 14.21%, indicating a strong upward trend.
Year-to-date, Reliance Industries shares have surged by 20.64%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 10.80% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
Shares of Suzlon Energy are locked in a 5% upper circuit limit in early trading on Tuesday following the company’s strong June quarter results. Suzlon’s net profit surged to Rs 302 crore, tripling from Rs 101 crore in the same quarter last year, thanks to reduced finance costs.
The Nifty Auto was up 0.35%, highest among the sectoral index. Big constituents like Eicher Motors, M&M, Maruti Suzuki, MRF were pulling the indices higher, while Apollo Tyre along with other stocks was trying to drag it.
Courtesy: NSE
India‘s Finance Minister Nirmala Sitharaman presented the Budget tablet in the red pouch outside the Ministry of Finance in North Block. She is accompanied by her team and she will present the Union Budget at 11 am.
Read more: Budget 2024 Live Updates: Nirmala Sitharaman to present Union Budget at 11 am