Business

Equity Markets End In Red After Budget Presentation

Equity benchmark indices Sensex and Nifty closed in the red on Tuesday, after the Union Budget presentation, dragged down by banking and energy stocks.

The 30-share BSE Sensex slipped 73.04 points, or 0.09 percent to 80,429.04. The barometer fell 1,277.76 points, or 1.58 percent, to 79,224.32 after the minister announced a rise in STT on F&O trade and long-term capital gains tax on equities. The NSE Nifty inched down by 30.20 points, or 0.12 percent to 24,479.05.

However, tax exemptions and customs duty cuts helped boost consumer durables and FMCG shares, assisting stocks in recovering from the day’s low.

IRFC, Power Finance Corp, RECL, LIC, Siemens, Bharat Electronics, IRCTC, L&T, Hindalco, HAL, Vedanta, ABB India, DLF, Shriram Finance, Bajaj Holdings, Bajaj Finance, ONGC, and Tata Power were the top laggards.

Among the gainers were Titan, ITC, Tata Consumer, Torrent Pharma, Godrej Consumer, Adani Ports, NTPC, Dabur India, HCL Technologies, TVS Motor Company, United Spirits, and Infosys.

In Asian markets, Taiwan, South Korea, and Malaysia closed in positive territory, while Tokyo, Thailand, Indonesia, Hong Kong, Singapore, and Shanghai ended in negative territory.

US markets closed higher on Monday.

European stocks were trading in the red.

Brent crude gained 0.02 percent to USD 82.42 per barrel.

Gold plummeted 5 percent, or Rs 3,702 to Rs 69,016 per 10 grams after the hike in securities transition tax on future and options trade.

According to exchange data, Foreign Institutional Investors (FIIs) bought equities worth Rs 3,444.06 crore on Monday.

On Monday, the Sensex sank 102.57 points, or 0.12 percent to 80,502.08, while the Nifty dropped 21.65 points, or 0.08 percent to 24,509.25.

Also read: Arrests In Bangladesh Exceed 2500 Amid Unrest Over Employment Quotas

Spriha Rai

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