The market closed on a mixed note on the budget day; Sensex up 158 points, Nifty down 46 points
Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as Finance Minister Nirmala Sitharaman raised personal income tax exemption limit, exempted small savings and announced the biggest increase in capital expenditure in the last decade in Budget 2023-24. declare. ,
Investors also awaited the US Federal Reserve’s interest rate decision for further signals.
The 30-share BSE benchmark Sensex climbed 158.18 points, or 0.27%, to close at 59,708.08 as it pared most of the intra-day gains. During the day, it had gained 1,223.54 points, or 2%, to 60,773.44.
In contrast, the broader NSE Nifty closed at 17,616.30, down 45.85 points or 0.26%.
“A well-organised budget with emphasis on consumption and capex has increased optimism in the market; However, volatility increased in the latter half as the focus shifted back to the Adani saga and the FOMC meeting.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Life insurance companies have seen heavy selling due to the new tax regime being pushed in the Budget, making insurance products less attractive as a tax-saving instrument.”
Dhiraj Relli, MD & CEO, HDFC Securities, said, “In the absence of any major unexpected negative and adherence to fiscal prudence, the stock markets have responded well to the provisions immediately.
ITC was the top Sensex gainer, rising 2.61 per cent, despite a 16 per cent hike in tax on cigarettes in the Budget. Other winners included Tata Steel, ICICI Bank, Tata Consultancy Services, HDFC, HDFC Bank and Infosys.
– PTI