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Following the unveiling of Budget 2024, the Sensex concluded with a decline of 107 points, reaching 71,645.30, while Nifty settled at 21,690.
The midcap index in the broader market witnessed a decline of 271 points. Among the top Nifty 50 losers were Grasim, L&T, Ultratech, and Dr Reddy’s, while Maruti, Power Grid, Cipla, and SBI Life emerged as the top index gainers. Notably, Nifty PSU Bank index ended 3.1% higher.
Sectors like IT, media, metal, pharma, realty, and healthcare in the Nifty indices ended in the red, while other sectors experienced gains.
This resulted in a significant drop in India’s 10-year yield by 100 basis points to 7.04%, reflecting optimism amid lower-than-expected government borrowing. Simultaneously, the US FED’s decision to maintain rates without clear guidance on future cuts had a dampening effect on market sentiments, according to Vinod Nair, Head of Research at Geojit Financial Services. The Union Finance Minister, Nirmala Sitharaman, presented the Interim Budget 2024 during this session.
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