Bourses trade flat in late afternoon session

After budget announcement, Indian equity markets traded flat in late afternoon session. Traders took note of report that Finance Minister Nirmala Sitharaman announced changes to the new income tax regime in her Union Budget 2024 speech. These changes included new income tax slabs for FY 2024-25 and a hike in the standard deduction. The standard deduction was hiked from Rs 50,000 to Rs 75,000. Also the tax slab limit for 5% tax rate was changed from Rs 5 lakh to Rs 7 lakh. The capital gains tax regime was completely revamped with tax rates being increased. On the global front, Asian markets were trading mixed with mainland China and Hong Kong markets retreating after China's third plenum communique failed to address key economic issues. European markets were trading mostly in red as miners declined on concerns over top consumer China's demand outlook.

The BSE Sensex is currently trading at 80467.78, down by 34.30 points or 0.04% after trading in a range of 79224.32 and 80766.41. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.90%, while Small cap index was down by 0.42%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 2.17%, FMCG up by 2.15%, IT up by 0.54%, Healthcare up by 0.47% and TECK was up by 0.32%, while Capital Goods down by 2.25%, PSU down by 1.83%, Realty down by 1.72%, Industrials down by 1.72% and Oil & Gas was down by 1.51% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Compnay up by 6.77%, ITC up by 4.33%, Adani Ports up by 3.01%, Hindustan Unilever up by 2.34% and NTPC up by 2.15%. On the flip side, Larsen & Toubro down by 3.55%, Power Grid down by 1.92%, Bajaj Finance down by 1.85%, SBI down by 1.35% and Indusind Bank down by 1.29% were the top losers.

Meanwhile, after announcement of the Budget, Union Minister for Road Transport and Highways Nitin Gadkari has hailed it as pioneering a prosperous future with advanced infrastructure, innovation, and next-generation reforms, developing every section of the society. He said this dynamic blueprint promises to boost productivity in agriculture, enhance employment and skilling, and elevate human resources and social justice.

Union Minister said it drives progress in manufacturing and services, urban development, and energy security. He further stated that with a strong focus on infrastructure, innovation, research, and next-generation reforms, this budget sets the stage for India's significant advancement across all sectors.

Besides, Gadkari said ‘a brighter, more prosperous future awaits us all’. He also said this forward-thinking budget fosters sustainable growth, innovation, and enduring progress, ensuring a resilient and prosperous future for India under the visionary leadership of Prime Minister.

The CNX Nifty is currently trading at 24494.40, down by 14.85 points or 0.06% after trading in a range of 24074.20 and 24582.55. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 6.73%, ITC up by 4.21%, Tata Consumer up by 3.59%, Adani Ports up by 3.04% and Hindustan Unilever up by 2.19%. On the flip side, Larsen & Toubro down by 3.50%, Hindalco down by 3.48%, ONGC down by 2.81%, Power Grid down by 1.92% and Shriram Finance down by 1.88% were the top losers.

Asian markets were trading mixed; Hang Seng declined 166.52 points or 0.95% to 17,469.36, Shanghai Composite weakened 48.85 points or 1.68% to 2,915.37, Jakarta Composite plunged 14.27 points or 0.2% to 7,307.71 and Nikkei 225 was down by 4.61 points or 0.01% to 39,594.39. On the flip side, KOSPI increased 10.78 points or 0.39% to 2,774.29, Straits Times rose 20.28 points or 0.59% to 3,457.54 and Taiwan Weighted was up by 614.85 points or 2.69% to 22,871.84.

European markets were trading mostly in red; UK’s FTSE 100 decreased 12.12 points or 0.15% to 8,186.66 and France’s CAC was down by 9 points or 0.12% to 7,613.02. On the flip side, Germany’s DAX was up by 115.53 points or 0.63% to 18,522.60.