FINAL TRADE: Sensex settles 106.81 pts lower; Nifty closes at 21,697.45 after Budget presentation
Stock market today: Both indices closed over 0.10 per cent down. The S&P BSE Sensex closed 106.81 points lower at 71,645.3 and NSE Nifty slid 28.25 points at 21,697.45.
Stock market today: Domestic benchmark indices Sensex and Nifty settled lower on Thursday, February 1, after the Finance Minister presented the Interim Budget 2024 ahead of the general assembly elections. Both indices closed over 0.10 per cent down. The S&P BSE Sensex closed 106.81 points lower at 71,645.3, while the NSE Nifty slid 28.25 points to 21,697.45.
"The domestic market was marginally disappointed by lower-than-expected infrastructural spending in the interim budget. However, the government's commitment to fiscal prudence, targeting a fiscal deficit of 5.1 per cent for FY25BE, is expected to improve the outlook on economic ratings. This led to a significant drop in India's 10-year yield by 100 basis points to 7.04 per cent, reflecting optimism due to lower-than-expected government borrowing. Meanwhile, the US Fed's decision to maintain rates without clear guidance on future cuts dampened market sentiments," said Vinod Nair, Head of Research at Geojit Financial Services.
Meanwhile, in the broader market, the Nifty Mid Cap 100 closed over half a per cent lower, while the Small Cap 100 closed 0.63 per cent higher. High-beta Nifty Bank closed 0.42 per cent higher at 46,188.65.
Among the Nifty 50 stocks, 31 declined, with L&T, Grasim, UltraTech Cement, Dr Reddy's Laboratories, and JSW Steel being the top laggards, slipping in the range of 2.6 per cent and 1.89 per cent. Conversely, Maruti Suzuki, Cipla, Power Grid, SBI Life, and Eicher Motors were the top gainers, rising in the range of 2.11 per cent to 4.09 per cent.
GLOBAL MARKETS
In Asian markets, Seoul and Hong Kong quoted in the green, while Tokyo and Shanghai traded lower. On Wednesday, the US Fed left its main interest rate steady and made clear it "does not expect it will be appropriate" to cut rates "until it has gained greater confidence that inflation is moving sustainably towards" its goal of 2 per cent.
Global oil benchmark Brent crude climbed 0.14 per cent to USD 80.66 a barrel. Foreign institutional investors (FIIs) bought equities worth Rs 1,660.72 crore on Wednesday, according to exchange data.
Catch the latest stock market and budget 2024 updates here For all other news related to business, politics, tech and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
04:02 PM IST