A man prays at the Bombay Stock Exchange building amid the presentation of the Interim Budget 2024 by the Union Finance Minister Nirmala Sitharaman in Mumbai on February 1, 2024. 
| Photo Credit: ANI

The stock markets remained unimpressed with the proposals announced in the interim budget and key indices, after witnessing a sea-saw movement throughout the day ended with losses. Whatever gains were seen prior to the presentation of the budget were wiped out.

The S&P BSE Sensex lost 107 points or 0.15% to 71,645 points. The NSE Nifty-50 Index also dopped 28 points or 0.13% to 21,697 points.

Among the Sensex stocks L&T was down 2.38%, Ultratech down 2.26% and JSW Steel down 2.03. This is despite several positive announcements concerning the infrastructure sector.

According to analysts the Interim Budget turned out to be a non-event. and both the Sensex and Nifty were confined to a narrow range. 

Eight out of thirteen sectors were in the red with PSU Banks and Auto stocks limiting the fall. Among individual stocks, One97 Communications shares plunged 20% after the RBI barred Paytm Payments Bank from accepting deposits or top-ups in any customer account.

Rajesh Bhosale, Technical Analyst, Angel One said, “In the upcoming session, the market may continue to respond to the aftermath of the budget announcement, with individual themes playing a significant role for traders seeking out performance opportunities. As the focus shifts from the key event, attention will revert to global developments, necessitating vigilance on the global front by traders.”

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| Photo Credit: Paul Noronha

Benchmark equity indices bounced back sharply and ended in the positive territory on August 14, helped by fag-end buying in index heavyweights Reliance Industries and Infosys along with a firm beginning in European markets.

The 30-share The BSE Sensex climbed 79.27 points or 0.12% to settle at 65,401.92. During the day, it fell 500.77 points or 0.76% to 64,821.88.

The NSE Nifty gained 6.25 points or 0.03% to end at 19,434.55.

From the Sensex pack, Infosys, Hindustan Unilever, Reliance Industries, ICICI Bank, Larsen & Toubro, Asian Paints, Nestle, Axis Bank, Wipro and Kotak Mahindra Bank were the major gainers.

JSW Steel, State Bank of India, Tata Steel, Bajaj Finserv, UltraTech Cement, IndusInd Bank, Tata Motors, and Bajaj Finance were the major laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the negative territory.

European markets were trading mostly in the green.

The U.S. markets ended mostly lower on Friday.

The wholesale price based inflation remained in the negative territory for the fourth straight month in July at (-)1.36% on easing prices of fuel, even though food articles turned costlier.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,073.28 crore on Friday, according to exchange data.

Global oil benchmark Brent crude declined 0.33% to $$86.52 a barrel.

The BSE benchmark fell by 365.53 points or 0.56% to settle at 65,322.65 on Friday. The Nifty declined by 114.80 points or 0.59% to end at 19,428.30.