FINAL TRADE on Budget Eve | Sensex & Nifty end mildly lower amid selling pressure in energy, FMCG shares
In a choppy trade on July 22 as the conservative GDP outlook tabled in the Economic Survey led to higher volatilty, indices ended mildly lower.
![FINAL TRADE on Budget Eve | Sensex & Nifty end mildly lower amid selling pressure in energy, FMCG shares](https://cdn.zeebiz.com/sites/default/files/2024/07/22/306079-untitled-design-2024-05-23t111631895.png?im=FitAndFill=(1200,900))
Indian equities in a volatile trading session ahead of the crucial Budget event ended mildly lower unaffected by the rising global political uncertainty as the US President Joe Biden in a sudden and abrupt decision decided t withdraw from the President race. Meanwhile, the Economic Survey tabled in both the houses of the partliament raised the volatilty as the growth projections were taken as conservative.
The bluechip Nifty index in a choppy trade ended 0.062 per cent or 15.25 points lower at 24,515.65, while the BSE Sensex ended 0.13 per cent or 102.57 points lower at 80,502.08.
Vinod Nair, Head of Research, Geojit Financial Services on the market performance today said, "The conservative economic growth forecast for FY25, presented in the economic survey, has introduced some spikes in volatility ahead of the budget. Further, the below-estimated Q1 results from certain index heavyweights like RIL added to apprehensions of a slowdown in earnings growth in FY25."
Although the budget is anticipated to be favourable, investors will closely monitor whether it continues to tickle traction, given high valuations and the risk of a downgrade in earnings, he added.
Prashanth Tapse, Senior VP (Research), Mehta Equities said, “After a sharp fall in early trades, markets were on a recovery mode and ended with marginal losses on profit-taking in banking, IT and realty stocks. Investors traded with caution as nervousness gripped in ahead of tomorrow's Budget. However, markets could see volatility during the Budget announcement on Tuesday and one may see sector-based action.”
From the Nifty pack, stocks that emerged as the top gainers included stocks like Grasim, Dr. Reddy's Laboratories, HDFC Bank, NTPC and UltraTech, while those that saw the most losses include Wipro, Kotak Mahindra Bank, RIL, ITC and SBI Life Insurance.
HDFC Bank, after its mixed Q1, was among the top Nifty gainer. The stock ended over 2 per cent higher at Rs 1,642.55.
Wipro, meanwhile, on weak Q1 earnings in comparison to its peers, tumbled heftly in intra-day trade and ended over 9 per cent lower at Rs 505.8 per share on the NSE.
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