Nifty erases losses to end flat on budget day

23 Jul 2024 Evaluate

Indian equity benchmark -- Nifty -- ended budget day in negative terrain with minor losses, as investors digested the announcements from the Union Budget 2024. After making slightly positive start, soon index traded below its neutral line, as traders were cautious with the Global Trade Research Initiative (GTRI) stating that increasing foreign direct investment (FDI) from China in the domestic market may benefit in the short-term but it risks undermining India's long-term economic security and strategic autonomy. It said dependence on Chinese firms for key manufacturing capabilities could also expose India to supply chain vulnerabilities and geopolitical risks.

In afternoon session, index slipped into deep red, as market participants remained cautious after government has declared increasing the Securities Transaction Tax (STT) rate on Futures and Options (F&O) from 0.01 percent to 0.02 percent. It also announced raising of long-term capital gains tax (LTCG) on equity to 12.5 per cent from 10 per cent at present while raising short-term capital gains tax to 20 per cent from 15 per cent earlier. It also increased the tax exemption limit for LTCG to Rs 1.25 lakh from Rs 1 lakh earlier. Besides, it has kept India’s FY25 capex outlay unchanged at Rs 11.11 lakh crore - the same as was earmarked in February. However, in last leg of trade, index came off from its day’s low point and ended just below its neutral line. Some support came as Finance Minister Nirmala Sitharaman announced that changes in new tax regime -- Standard deduction proposed to increase to Rs 75,000 from Rs 50,000.

Traders were seen piling up positions in FMCG, Consumer Durables and Media stocks, while selling was witnessed in Realty, PSU Bank, and Financial Services. The top gainers from the F&O segment were Titan Company, ITC and Tata Consumer Products. On the other hand, the top losers Manappuram Finance, Chambal Fertilisers and Chemicals and Muthoot Finance. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 23900 - 24100 puts indicating this is the trading range expectation.

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Nifty erases losses to end flat on budget day

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