Stock Market Highlights: Day after Budget, share market continues fall; Sensex down by 280 points, Nifty by 65

India's SBI Life Insurance Company posted a 36% rise in first-quarter profit on Wednesday, as premiums were boosted by strong demand for market-linked products.

The insurer's profit rose to 5.2 billion rupees ($62 million) for the three months ended June 30 from 3.81 billion rupees, a year earlier.

Net premium income increased about 15%, while investment income rose 32%.

Demand for market-linked insurance plans (ULIPs) has jumped sharply in recent quarters driven by a rally in India's equity market. Benchmark indexes NSE Nifty 50 and the S&P Sensex hit record highs in recent months on strong economic growth outlook and foreign fund inflows.

SBI Life's value of new business (VNB), or expected profit from new policies, rose 12% year-on-year to 9.7 billion rupees in the June quarter.

Annualised premium equivalent (APE) sales, a key metric that gives the annualised total value of all single premium and recurring premium policies, rose 20% to 36.4 billion rupees for the quarter. (PTI)

The rupee depreciated 1 paisa to revisit its all-time closing low of 83.70 (provisional) against the US dollar on Wednesday, weighed down by a strong dollar against major crosses overseas amid investors' weak appetite for riskier assets.

Forex traders said the increase in capital gains tax and removal of indexation benefits announced in the FY25 Budget on Tuesday was the main reason for dollar buying as foreign investors sold stocks.

At the interbank foreign exchange market, the local unit opened at 83.69 and touched an intra-day high of 83.68 and a low of 83.72 against the dollar during the session.

It finally settled at an all-time low level of 83.70 (provisional) against the American currency, registering a fall of 1 paisa from its previous close.

On Tuesday, the rupee declined 3 paise to 83.69 against the US dollar after the government raised tax rates on capital gains in the FY25 Budget. (PTI)

Shares of Bajaj Finserv Ltd (BFL) dropped over 2 per cent on Wednesday as the company's June quarter earnings failed to cheer investors.

The stock declined 2.43 per cent to settle at Rs 1,578.45 apiece on the BSE. Intra-day, it went lower by 3.40 per cent to Rs 1,562.70.

On the NSE, shares of the firm dipped 2 per cent to finish at Rs 1,585 each.

The company's market valuation diminished by Rs 6,282.86 crore to Rs 2,52,025.13 crore.

The stock emerged as the biggest laggard among the Sensex and Nifty firms.

The 30-share BSE Sensex declined 280.16 points or 0.35 per cent to settle at 80,148.88 and the NSE Nifty dropped 65.55 points or 0.27 per cent to 24,413.50.

Bajaj Finserv Ltd on Wednesday reported a 10 per cent increase in consolidated net profit at Rs 2,138 crore for the first quarter ended June 2024. (PTI)

Benchmark BSE Sensex declined for the fourth day in a row on Wednesday due to selling in financial and banking shares and the government's move to hike securities transaction tax and short term capital gains tax.

The 30-share BSE Sensex declined 280.16 points or 0.35 per cent to settle at 80,148.88 with 19 of its components closing lower and 11 with gains. During the day, it tumbled 678.53 points or 0.84 per cent to 79,750.51.

The NSE Nifty dropped 65.55 points or 0.27 per cent to 24,413.50.

From the Sensex pack, Bajaj Finserv declined by 2 per cent after its first-quarter earnings failed to cheer investors. (PTI)

The benchmark BSE Sensex fell 280.16 points, or 0.35%, to 80,148.88, while the broader NSE index lost 78.05 points, or 0.32%, to 24,401, dragged down by financials, with sentiment still sour a day after the government raised the tax on gains from equity investments.

The Indian rupee is expected to decline further on Wednesday due to a rise in the dollar index and a possible slowdown in equity flows.

Non-deliverable forwards indicate the rupee will open at 83.70-83.71 to the U.S. dollar, compared with 83.6875 in the previous session. Since June, the rupee had been helped by foreigners lapping up equities. Following the budget, these inflows "are in a bit of a doubt", the trader said. 

The rupee dipped to an all-time low of 83.7150 on Tuesday, amid choppy price action in local equities, prompting the Reserve Bank of India to intervene.

"It will be more of the same today, with the RBI stepping in to make sure that the move higher (on dollar/rupee) is at an unhurried pace," a currency trader at a bank said.

"The overall direction (for dollar/rupee) was on the higher side before the budget and now all the more so." (PTI)

V-Guard Industries posted a first-quarter profit that beat analysts' estimates on Wednesday, driven by strong demand for its electrical products which range from kitchen appliances to water heaters. The company's consolidated net profit rose 54% to Rs 989.7 million in the three-month period, according to LSEG data.

The share market continued its fall on Wednesday with the BSE Sensex down 527.05 points to 79,901.99, while the broader NSE index lost 151.55 points to settle at 24,327.5, as the government’s decision to raise tax on gains from equity investments has dented investor sentiments.

India's Reliance Industries has received approval from the United States to resume importing oil from Venezuela despite Washington's sanctions, a source familiar with the matter said on Wednesday.

The United States in April re-imposed sanctions on Venezuela's oil sector in response to President Nicolas Maduro's failure to meet his election commitments, but said some firms would be authorised to trade and operate in Venezuela. The US Treasury Department and Reliance did not immediately respond to a request seeking comment.

The Indian rupee was nearly flat on Wednesday, as likely intervention from the Reserve Bank of India helped the currency avert a decline to all-time lows.

The rupee was at 83.69 against the U.S. dollar as of 11:00 a.m. IST, nearly unchanged from its previous close at 83.6875. The currency had declined to a record low of 83.7150 on Tuesday amid pressure on local equities, after the government in its budget raised the tax rate on profit from equity investments and on equity derivatives trades.

On a day when the Indian stock market began in red, these are the stocks that have lost out the most yet:

• Bajaj Finance
• TATA Cons.
• Bajaj Finserv
• HUL
• M&M

On a day when the Indian stock market began in red, these are the stocks that have registered the top gains:

• ONGC
• SBI Life Insurance
• HDFC Life
• Tata Motors
• NTPC

India's business activity accelerated at its fastest pace in three months in July thanks to strong demand, especially in the services sector, according to a survey that also showed companies hired at the fastest pace in over 18 years. The data reflected sustained growth in the private sector, which according to the government's first budget since the national election will get incentives to improve skills and spur employment.

The Indian rupee was marginally weaker at 83.6875 per U.S. dollar after the hit to sentiment from the hike in profits on equity investments.

The Indian government bond yields continued to struggle on Wednesday, a day after the release of the Budget. The benchmark 10-year yield was at 6.9673% as of 10:00 a.m. IST, compared with its previous close of 6.9695%.

“With budget failing to spur any large action, bond traders are back to the theme of wait-and-watch, and benchmark yield is expected to remain in a narrow range of 6.95%-6.98% at least till the end of this week,” a trader with a state-run bank told news agency Reuters.

The government reduced its fiscal deficit target for the current financial year to 4.9% of gross domestic product from 5.1% in the interim budget. It aims to reach a deficit of below 4.5% for 2025-26.

Meanwhile, Gold prices have inched higher today, with investors awaiting US economic data that could influence the Federal Reserve’s rate-cut timeline.

Spot gold was up 0.3% at $2,416.62 per ounce. Investors expect key US data releases this week, including the second-quarter gross domestic product reading on Thursday and the June personal consumption expenditures price index number on Friday, to offer more cues about the rate-cut timeline.

Hindustan Unilever lost 2.5% after the consumer good maker's first-quarter results showed a “slight pick-up, but still a long road ahead”, according to Ambit Capital. Analysts also flagged the stock's high valuation.

On a day when the stock markets opened in red, cigarette maker ITC gained 3%, adding to their 5.5% jump on Tuesday after the government did not raise tobacco taxes. Jeweller Titan rose 2%, adding to its 6.5% jump on Tuesday after the government chopped the customs duty on gold and silver to 6% from 15%.

“We believe the reduction in customs duty is positive for consumer demand. Titan remains the clear market leader and a reduction in customs duty should be a positive catalyst,” Aditya Soman and Vatsal Dujari, analysts at CLSA, told news agency Reuters.

ITC and Titan were the top Nifty 50 gainers.

Eight of the 13 major sectors have logged losses. “The union budget has presented short-term challenges for the markets,” Pranav Haridas, managing director and chief executive at Axis Securities, told news agency Reuters. “The rise in capital gains tax rates and the increased tax on derivatives trading are a short-term negative,” he added.

The broader, more domestically focussed small- and mid-caps were little changed.

The Indian benchmarks — NSE Nifty 50 and S&P BSE Sensex — opened marginally lower on Wednesday, a day after the Union Budget, as the government’s decision to raise tax on gains from equity investments has dented investor sentiments.

While the NSE Nifty 50 fell 0.14% to 24,444.95, the S&P BSE Sensex shed 0.11% to 80,343.38.

In case you are wondering about which stock to watch out for during the day’s trading, news agency Reuters has a few suggestions for you:

• ICICI Prudential: Company reported a rise in its first-quarter profit aided by strong demand for market-linked products.
• United Spirits: Company reported a bigger-than-expected rise in first-quarter profit helped by strong demand for its premium alcohol brands.
• Torrent Pharmaceuticals: Company missed Q1 consolidated net profit estimates.
• Earnings in focus: Axis Bank, Larsen and Toubro , SBI Life Insurance

The Indian benchmarks are set to open lower today, with a tax hike on equity trading weighing on investor sentiment.

The GIFT Nifty was at 24,403.5 points as of 7:59 am, indicating that the NSE Nifty will open below its Tuesday's close of 24,479.05. The blue-chips slipped 1.6% on Tuesday after the government hiked the tax rate for capital gains from equity investments and equity derivatives trades.

However, they erased most of the losses helped by a jump in consumer stocks after the government announced $32 billion for rural programmes in its union budget.

Good morning and welcome back to our coverage of the stock markets. A day after the Budget, all eyes are on how the Sensex and Nifty absorb the effects of the announcements made by Finance Minister Nirmala Sitharaman. The indices are expected to begin in red as market watchers said that the move to hike long term capital gains tax from 10 per cent to 12.5 per cent will discourage savings and investments.

FMCG stocks were in the limelight on Tuesday, with ITC surging over 5 per cent, following budget allocation for agriculture and allied sectors, rural development as also a big push for employment, skilling and other opportunities.

Shares of ITC jumped 5.52 per cent, Heritage Foods soared 5 per cent, Avanti Feeds (4.60 per cent), Tata Consumer Products (4.49 per cent), Vadilal Industries (4.09 per cent) on the BSE.

Besides, LT Foods rose 3.73 per cent, Tasty Bite (3.29 per cent), Godrej Consumer Products (3.25 per cent), Dabur (2.75 per cent), Kaveri Seed Company (2.21 per cent) and Hindustan Unilever (1.17 per cent).

The BSE FMCG index jumped 2.48 per cent.

FMCG stocks were the star in a bearish broader market where the BSE Sensex ended 73.04 points lower at 80,429.04.

Benchmark Sensex and Nifty settled marginally lower in volatile trade on Tuesday as the government proposed to hike securities transaction tax on futures & options in the budget for 2024-25.

Recovering most of its intra-day losses of over 1,200 points, the 30-share BSE Sensex settled lower by 73.04 points or 0.09 per cent 80,429.04. The index gyrated between highs and lows during the day as Finance Minister Nirmala Sitharaman announced budget proposals for 2024-25.

The barometer tanked 1,277.76 points or 1.58 per cent to hit a low of 79,224.32 as the minister announced a hike in STT on F&O trade and an increase in long-term capital gains tax on equities. However, tax exemptions and customs duty cuts helped boost consumer durables and FMCG shares, aiding stocks to recover from the day's lows.

The NSE Nifty dipped 30.20 points or 0.12 per cent to 24,479.05. Intra-day, it dropped 435.05 points or 1.77 per cent to 24,074.20. Among the Sensex pack, Titan jumped over 6 per cent, followed by ITC which surged more than 5 per cent.

The rupee declined 5 paise to hit an all-time low of 83.71 (provisional) against the US dollar on Tuesday after the government raised tax rates on capital gains in the FY25 Budget.

Besides, a weak tone in the US dollar and weakness in crude oil prices also put pressure on the domestic unit, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.64 and touched an intraday high of 83.61 and touched an all-time intraday low of 83.71 against the dollar during the trading session.

It finally settled at an all-time low of 83.71 (provisional) against the American currency, registering a fall of 5 paise from its previous close. On Monday, the rupee consolidated in a narrow range to settle 4 paise higher at 83.66 against the American currency.

Largest equity bourse NSE's Chief Executive Officer and Managing Director Ashish Chauhan on Tuesday termed the Budget's moves on securities transaction tax and short-term capital gains tax as "minor changes" which will not impact markets much.

On the correction in markets right after these announcements by Union Finance Minister Nirmala Sitharaman in her budget speech, Chauhan said the sell-off is a result of investors not understanding the implications of the moves.

Speaking to PTI, Chauhan said the market expected larger moves in the Securities Transaction Tax (STT) and Short Term Capital Gains Tax (STCG) front. He described these moves as "baby steps" towards transitioning to a regime where all the incomes of a person are taxed but also welcomed it for ensuring that capital formation continues in the economy.

Share Market Today: As Finance Minister Nirmala Sitharaman said that the government will provide finance for shrimp farming and marketing, the shares of producers and exporters of seafood products' firms jumped.

Presenting the Union Budget for 2024-25, Sitharaman said that the government has reduced the basic customs duty on shrimp to 5 per cent. The stock of Zeal Aqua soared 9.27 per cent, Kings Infra Ventures surged 8.15 per cent, Coastal Corp climbed 7.55 per cent, Apex Frozen Foods zoomed 7.51 per cent and Waterbase jumped 5.51 per cent on the BSE.

Share Market Today: As the Centre proposed hiking basic customs duty on specified telecom equipment from 10 per cent to 15 per cent, shares of telecom infrastructure companies declined by more than 4 per cent.

On the BSE, shares of HFCL tumbled 4.60 per cent to Rs 112.10, Vodafone Idea plunged 4.15 per cent to Rs 15.23, Tejas Networks slumped 2.69 per cent to Rs 1,278.95, and ITI declined 2.58 per cent to Rs 295.10. The scrip of Bharti Airtel fell 1.50 per cent to trade at Rs 1,442.70 per piece, ADC India Communications slipped 2.14 per cent to Rs 1,771.95, and Tata Communications dipped 0.97 per cent to trade at Rs 1,768.95 on the bourse.

Share Market Today: Following the hike in securities transaction tax on futures and options trade, gold prices plummeted by 5 per cent or Rs 3,702 to Rs 69,016 per 10 grams. On the Multi Commodity Exchange, gold contracts for August delivery plunged Rs 3,702 or 5.09 per cent to Rs 69,016 per 10 grams in a business turnover of 12,397 lots.

Share Market Today: At one point, the BSE’s 30-share index Sensex dropped over 1,200 points, or 1.6 per cent to a low of 79,224.41 during intra-day trades and NSE’s Nifty 50 fell 435.09 points, or 1.77 per cent to a day’s low of 24,074.2. Although both the indices recovered later, let’s see as to what prompted the fall.

While announcing the Union Budget 2024-25, Sitharaman proposed to increase the STT on futures and options of securities to 0.02 per cent and 0.1 per cent, respectively. STT is a direct tax levied on purchase and sale of securities that are listed on stock exchanges. Earlier, the STT on sale of futures in securities was 0.0125 per cent. The tax on sale of an option in securities was 0.0625 per cent (on seller) and on sale on an option in securities, where option is exercised was 0.125 per cent (on purchaser)

The increase in STT on F&O comes as surge in volumes in the segment has worried market regulator Securities and Exchange Board of India (SEBI) and the Reserve Bank of India.

Share Market Today: Following the announcements made in the Budget today by Finance Minister Nirmala Sitharaman, here are the top losers in the stock market:

• Larsen
• ONGC
• Hindalco
• Shriram Finance
• Bajaj Finance
• Power Grid Corp
• Coal India
• HDFC Bank

Share Market Today: Following the announcements made in the Budget today by Finance Minister Nirmala Sitharaman, here are the stocks that have gained the most:

• Titan Company
• TATA Cons.
• ITC
• HUL
• Adani Ports
• Hero Motocorp
• NTPC
• Britannia
• Dr Reddys Labs

Share Market Today: The benchmark 10-year bond was quoted at Rs 100.88, with the yield up 1 basis point at 6.9716% as the fiscal 2025 borrowing cut was lower than expected.

Share Market Today: The benchmark 10-year bond was quoted at Rs 100.88, with the yield up 1 basis point at 6.9716% as the fiscal 2025 borrowing cut was lower than expected.

Share Market Today: The one-year overnight index swap rate was down 3 basis points at 6.68%, while the benchmark five-year swap rate fell 1 basis points to 6.29%. Meanwhile, India's overnight call money rate was down 20 basis points at 6.35%. The overnight TREPS rate was at 6.74%, compared with the previous day's weighted average of 6.5913%.

Share Market Today: Capital goods stocks like Larsen & Toubro, ABB India, Thermax and Siemens lost between 1.5% and 5% after the government did not increase the amount it planned to spend on infrastructure. L&T was the top Nifty 50 loser.

Share Market Today: Consumer stocks have been the exception today, gaining 2% after the government said it will allocate 1.52 trillion rupees for the agriculture and allied sectors. Agriculture stocks like Kaveri Seeds, Mangalam Seed and Dhanuka Agritech rose between 4.4% and 10.5%. Fisheries stocks Avanti Feed and Coastal Corp rose 4.3% and 2.3%, respectively after the government pledged financial support for the sector.

Share Market Today: The Indian rupee has dropped to a record low against the US dollar following a drop in local equities after the government proposed raising the tax rate on capital gains. The rupee declined to 83.69 to the dollar, inching past the previous lifetime low of 83.6775, and compared with 83.6275 before the budget announcement.

Share Market Today: Indian stock markets declined significantly on Tuesday as the government proposed to raise the tax on capital gains and on trading derivatives. The NSE Nifty 50 and S&P BSE Sensex dropped about 1% each, trading at 24,225 and 80,024 respectively.

Share Market Today: Here are the changes in the income tax slabs under the new regime that have been announced by Finance Minister Nirmala Sitharaman:

• Up to 3,00,000: Nil
• From 3,00,001 to 7,00,000: 5%
• From 7,00,001 to 10,00,000: 10%
• From 10,00,001 to 12,00,000: 15%
• From 12,00,001 to 15,00,000: 20%
• Above 15,00,000: 30%

Share Market Today: The Indian stock market crashed as the S&P BSE Sensex fell by over 1,000 points to go below the 80,000-mark, while the NSE Nifty 50 traded at 24,200, down by over 300 points as Union Finance Minister Nirmala Sitharaman finished presenting the Union Budget.

Share Market Today: The Indian stock market slumped as the S&P BSE Sensex fell by over 850 points while the NSE Nifty 50 traded at 24,200, down by over 300 points even as Union Finance Minister Nirmala Sitharaman was presenting the Union Budget.

Share Market Today: As Finance Minister Nirmala Sitharaman proposed to cut basic customs duty on gold and silver to 6% jewellery stocks came into focus with Titan Company Ltd., PC Jeweller Ltd. and Senco Gold Ltd. gaining.

Share Market Today: During her Budget speech, Finance Minister Nirmala Sitharaman also proposed to cut basic customs duty on gold and silver to 6% to fully exempt customs duty for 25 critical minerals like lithium, copper and cobalt.

Share Market Today: During her Budget speech, Finance Minister Nirmala Sitharaman proposed to reduce basic customs duty on mobile phones and chargers to 15%.

Share Market Today: Here’s what Finance Minister Nirmala Sitharaman said on the state of the economy:

• FY25 fiscal deficit pegged at 4.9% of GDP
• Expenditure for FY25 seen at Rs 48.21 lakh crore
• Aim to reach fiscal deficit of below 4.5% by next year
• Receipts for FY25 seen at Rs 32.07 lakh crore

Share Market Today: In case you are tuning in now, here’s a nutshell of a few of the major announcements made by Finance Minister Nirmala Sitharaman in today’s Budget speech:

Economic Growth

• To allocate 150 billion rupees as special financial support through multilateral development agencies to Andhra Pradesh state, ruled by Modi's biggest ally TDP

• Credit support to small and medium businesses during the stress period

• Proposes to support setting up of 12 industrial parks

• Proposes to enhance small loans to 2 million rupees for small and medium businesses

Rural Development

• Provision of 2.66 trillion rupees ($32 billion) for rural development

• Proposes state aid for 30 million affordable housing units in urban and rural areas

Job Creation

• Budget proposes to allocate 2 trillion rupees for job creation over 5 years

• Allocates 1.52 trillion rupees for agriculture and allied sectors

• To launch 3 schemes for employment-linked incentives

Share Market Today: The Union Budget 2024's focus on Bihar and Andhra Pradesh indicates a stress on ensuring stability of the current BJP-led NDA government by keeping numerically-significant NDA allies in mind.

On efforts made to fulfil the commitments in Andhra Pradesh Reorganisation Act, the FM said. “Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years. Rs 15,000 crore allocated for development of Amravati as AP's capital.”

About the financial aid to Bihar, she said: "We will support the development of an industrial nod at Gaya in Bihar. It will catalyse the development of the eastern region. We will also support the development of road connectivity projects- Patna -Purnea expressway, Buxar- Bhagalpur highway, Bodhgaya- Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for Rs 26,000 crores."

Share Market Today: The Indian stock market returned to trading in red as the S&P BSE Sensex fell to 80,424 points while the NSE Nifty 50 traded at 24,477 while Union Finance Minister Nirmala Sitharaman was presenting the Union Budget.

Share Market Today: As Finance Minister Nirmala Sitharaman announced an allocation of Rs 1.52 lakh crore for the Agri sector, agriculture stocks rallied up to 10 per cent. Kaveri Seed Company Ltd, Coromandel Agro Products and Oils Ltd, Dhanuka Agritech Ltd, and Nova Agritech Ltd were among the top gainers.

Share Market Today: Finance Minister Nirmala Sitharaman announces a scheme for providing internship opportunities to one crore youths in 500 top companies across the country in a span of five years. This opportunity will come with an internship allowance of Rs 5000 oer month along with one-time assistance of Rs 6000. Additionally, about 12 Industrial parks have been sanctioned under National Industrial Corridor Development Programme.

Share Market Today: In case you are tuning in now, here’s what Finance Minister Nirmala Sitharaman has said about job creation in the coming years:

• Budget proposes to allocate 2 trillion rupees for job creation over 5 years
• Allocates 1.52 trillion rupees for agriculture and allied sectors
• To launch 3 schemes for employment-linked incentives

Share Market Today: In case you are tuning in now, here are the major announcements made so far by Finance Minister Nirmala Sitharaman yet:

• Loans of up to Rs 10 lakh for higher domestic education
• Rs 26,000 crore to be allocated for highways in Bihar
• Working women hostels in collaboration with industry
• Govt to provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount
• Will formulate plan Purvodaya for all round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh
• Financial support of Rs 15,000 crore in FY25 for new Andhra Capital
• New airports, medical colleges, and sports infra in Bihar

Share Market Today: Financial Minister Nirmala Sitharaman announced that the government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.

Share Market Today: As Finance Minister Nirmala Sitharaman presented the Union Budget, the stock market was trading in red. However, there surely were some shares that have extended their gains. Here are the top gainers, as of 11.30 am:

• ITC
• Hero Motocorp
• TATA Cons.
• Adani Ports
• Eicher Motors
• UltraTech Cement
• HUL
• Grasim
• Cipla

Share Market Today: As Finance Minister Nirmala Sitharaman presented the Union Budget, the stock market was trading in red. Here are the top losers, as of 11.30 am:

• ONGC
• Shriram Finance
• Hindalco
• SBI Life Insurance
• BPCL
• Reliance

Share Market Today: The Indian stock market returned to trading in red as the S&P BSE Sensex fell by 150 points and the NSE Nifty 50 went below the 22,500-mark while Union Finance Minister Nirmala Sitharaman was presenting the Union Budget.

Share Market Today: Sitharaman stated that employment linked incentive will be based on registration with the EPFO. 'One month wage to all workers newly entering the work cycle. Rs 15,000 to new entrants in EPFO for those with salary of up to Rs 1 lakh per month. This will benefit 210 lakh youth,' the Finance Minister said.