On July 23, 2024, the Stock Market experienced mixed results, with the benchmark indices closing marginally lower on Budget Day:
- Sensex: Lost 73.04 points (-0.09%) to settle at 80,502.08
- Nifty: Lost 30.2 points (-0.12%) to close at 24,509.25
The day was characterized by heightened volatility due to the Budget announcement, particularly the changes in long-term and short-term capital gains tax rules. However, the market recovered from its initial lows, demonstrating resilience among investors.
Sectors Performance:
- Gainers: FMCG (+2.68%), IT, Pharma, Auto
- Losers: Realty (-2.29%), PSU Bank, Financial Services
Other Highlights:
PSU Stocks: Experienced a correction due to concerns about higher capital gains tax and inflated valuations.
Overall Sentiment: While the new tax rules caused some initial jitters, the market’s recovery indicates that investors are still optimistic about the long-term growth prospects of the Indian economy.
Stocks to Watch (July 24, 2024):
- L&T: To announce Q1 results today.
- SBI Life: To announce Q1 results today.
- Axis Bank: To announce Q1 results today.
- HUL: Reported a 3% YoY jump in net profit at Rs 2,538 crore for the quarter ended June 2024.
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