Union Budget 2024: Sensex up over 260 points, Nifty near 24,600 ahead of FM Nirmala Sitharaman's speech

In less than an hour, Finance Minister Nirmala Sitharaman will be presenting Union Budget 2024, the first full budget of Modi 3.0. Apart from the budget speech, investors keep keen eye on its reaction on the Indian stock and movement in BSE Sensex and Nifty 50.

Ahead of the presentation of the Budget 2024 at 11 am, the Indian stock market today climbed in early trade on Tuesday (July 23), with the Sensex rising over 264 points. Investors’ sentiment turned buoyant amid foreign fund inflows and a rally in the US peers.

The 30-share BSE Sensex today climbed 264.33 points to 80,766.41 in early trade. The NSE Nifty went up 73.3 points to 24,582.55.

However, within an hour after opening, Sensex at 10:17 am, fell down 188.15 points or 0.23 per cent and was trading at 80,313.93, while Nifty too was down by 78.10 points or 0.32 per cent and was at trading at 24,431.15.

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The volatility is expected in the Indian share market today as investors will trade cautiously with the Budget 2024 being tabled by the Modi government.

Among the Sensex pack, UltraTech Cement, Mahindra & Mahindra, ITC, Larsen & Toubro and NTPC were the biggest gainers.

HCL Tech, Power Grid, JSW Steel and Tata Steel were among the laggards. However, later, both the benchmark indices faced heavy volatile trends and were trading flat.

How Indian stock market is expected to trade on Budget 2024 day?

”The market participants will be closely watching for any tweaks in LTCGs (Long-term capital gains) tax. If there are no changes in LTCGs tax that will be a big relief for the market and the market is likely to react positively to that. Stock-specific reactions will depend on the Budget proposals for specific sectors,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

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As per the exchange data, on Monday, Foreign Institutional Investors (FIIs) bought equities worth Rs 3,444.06 crore.

In Asian markets, Seoul traded higher while Tokyo, Shanghai and Hong Kong quoted lower.

The US markets ended in positive territory on Monday.

Global oil benchmark Brent crude traded marginally up by 0.02 per cent to USD 82.42 a barrel.

Falling for the second day in a row, the BSE benchmark fell 102.57 points or 0.13 per cent to settle at 80,502.08 on Monday.

The NSE Nifty dipped 21.65 points or 0.09 per cent to 24,509.25.

With inputs from PTI