Download
Share Market Budget 2024 Live Updates : On the day when FInance Minister Nirmala Sitharaman will present the budget for the sevent straight time, the markets are expected to remain volatile with investors keeping an eye on the finance ministers, which will also give an indication of the direction the current NDA government is walking towards in terms of capital expenditure and ease of doing businesss.
The Indian markets have been consolidating and volatile for the past few days, with investors taking fabourable positions to take the benefit of announcements expected by the government.
The Budget session started on 22 July, and the FM Sitharaman is expected to give the budget speech at 11 am on Tuesday, 23 July.
In terms of numbers, the Gift Nifty futures was trading at 24,723.50, compared to Nifty 50’s Monday close of 24,509.25.
Meanwhile, Asian stocks bounced from one-month lows on Tuesday, with Taiwan’s market snapping a five-day losing streak as semiconductor shares took a lead from a Wall Street recovery, while sagging commodity prices weighed on the Aussie dollar.
MSCI’s broadest index of Asia-Pacific shares outside Japan, which touched a one-month low on Monday, rose 0.55%.
Japan’s Nikkei steadied thanks to stabilising chip stocks and the share average gained 0.3%. Overnight, the S&P 500 rose 1.1% and the tech-heavy Nasdaq went up 1.6% as stocks sold heavily in the last few days rebounded. [.T][.N]
Markets made little obvious reaction to the end of President Joe Biden’s reelection bid. Investors are looking ahead to earnings at Tesla and Alphabet due after the New York close and both stocks advanced sharply on Monday.
“Risk sentiments and Democrat support for Kamala Harris appear to be at least on the way to solid,” said Mizuho economist Vishnu Varathan in a note to clients.
“What remains to be seen is whether a bull rotation will see gains cascading down … more broadly into smaller caps.”
In Taiwan, the benchmark index was up about 1.7% in early trade and shares in chipmaker TSMC jumped 2%.
Over the week to Monday, the company – the most valuable listed firm in Asia – lost about $100 billion in market value after U.S. presidential candidate Donald Trump sounded equivocal about protecting Taiwan and its chip industry in a magazine interview.
South Korean chipmakers Samsung and SK Hynix also rebounded with traders willing to look through the political risks to extremely strong demand.
“We believe that the dependence on Asian chipmakers is so large that they will not be easily replaced by potential U.S. counterparts for some time,” said ING economist Min Joo Kang.
In bond markets, U.S. yields ticked up overnight and were broadly steady in Asia, with benchmark 10-year yields at 4.25% and two-year yields at 4.51%.
Markets have priced two U.S. rate cuts for the second half of this year which has started to weigh on the dollar, even if uncertainty over the U.S. election is keeping it from falling too far.
The euro was steady at $1.089 on Tuesday and the yen ticked marginally higher to 156.8 per dollar.
China surprised markets with interest rate cuts on Monday and concern over the economic outlook following softer-than-expected growth figures last week have commodities under pressure.
Dalian iron ore futures traded at their lowest since April as did Shanghai copper while Brent crude futures made a one-month low overnight and were last at $82.59 a barrel.
That has dragged the Australian dollar to three-week lows and the New Zealand dollar to an almost three-month trough of $0.5966, though analysts say a rebound is due.
“While industrial commodity prices have fallen, from a longer-run perspective many of them remain at high levels,” said Corpay strategist Peter Dragicevich. “Based on the current level of the copper price the AUD looks to be ‘cheap,'” he said.
China’s yuan held steady at 7.2732 per dollar.
Share Market Budget 2024 Live : Nifty 50, Sensex today—What to expect from Indian stock market in trade on Budget 2024 day
Share Market Budget 2024 Live : As the Union Budget 2024 is set to be unveiled in the parliament today, the Indian stock market indices are projected to commence the day on an upbeat note.
The Gift Nifty, a key indicator of market trends, also signals a promising start for the Indian benchmark index. It was observed trading at approximately 24,550 level, marking a premium of close to 30 points compared to the previous close of Nifty futures. (Read the full story here.)
Sensex Today Live : Budget 2024: How Indian stock market reacted on Budget day in last 10 years
Share Market Budget 2024 Live : Finance Minister Nirmala Sitharaman is poised to introduce the Union Budget for the fiscal year 2024-25 on Tuesday, July 23. The Union Budget has consistently played a pivotal role in shaping the trajectory of the Indian stock market, with its announcement often linked to market instability.
An examination of data from the previous ten years reveals a pattern of the Indian market concluding in a downturn on the day of the budget declaration (February 1). More specifically, the market ended on a negative note in eight out of the ten sessions that coincided with the budget announcement. (Read the full story here.)
Sensex Today Live : Indian stock market—Six key things that changed for market overnight ahead of Budget 2024 – Gift Nifty to US stocks rally
Sensex Today Live : On Tuesday, the domestic equity market’s benchmark indices, namely Sensex and Nifty 50, are projected to commence trading on a positive note. This optimistic outlook is influenced by encouraging global indicators, particularly in anticipation of the Union Budget 2024 announcement scheduled for today.
In the international arena, Asian markets have demonstrated a bullish trend. Concurrently, the US stock market concluded its overnight trading session on a high note, primarily driven by the performance of large-cap growth stocks.
Furthermore, today, Union Finance Minister Nirmala Sitharaman is poised to unveil the Union Budget for the fiscal year 2024-25 in the parliament. The forthcoming budget is anticipated to delineate the government’s strategic plan for ‘Viksit Bharat’ by 2047. Key areas of focus are expected to include the rural economy, infrastructure development, housing, and defence sectors. (Read the full story here.)
Sensex Today Live : Markets prepared for the budget 2024 announcements today
Sensex Today Live : Indian shares will likely open little changed on Tuesday, as investors brace for policy announcements in the union budget due at 11 a.m. IST, which could have a huge bearing on the trajectory of markets.
The GIFT Nifty was at 24,550 points as of 7:19 a.m. IST, suggesting that the NSE Nifty 50 will open near its Monday’s close of 24,509.25.
The Nifty has hit multiple all-time highs through its roughly 13% rally this year, despite a near 6% slide on June 4 when Prime Minister Narendra Modi’s party returned to power but by unexpectedly having to rely on allies. Still, the index has risen in each of the seven weeks since.
The budget, the new government’s first major policy announcement, is expected to focus on job creation and boosting consumption, which analysts expect will be positive for sectors such consumer goods, real estate and autos.
The Nifty held ground on Monday but volatility spiked, with some analysts saying there could be higher taxes for trading-related capital gains or for derivatives trading.
“There is an outlier probability of negative changes in the capital gains tax regime, which could trigger a strong sell-off and prolonged sideways market thereafter,” said Seshadri Sen and Arthkumar Gandhi, analysts at Emkay Global.
The Nifty’s more-than-200% surge from the COVID-19 lows in March 2020 was largely powered by an influx of retail traders, especially in the derivatives market.
Still, that influx, and the country’s rising market capitalisation-to-GDP ratio, were among the markets-related cautionary statements in the government’s Economic Survey released on Monday.
In the survey, the government also pegged economic growth at 6.5%-7% growth for 2024-25, less than most analysts and even the central bank’s projection.