Indian Stock Market Volatile as Sensex and Nifty Move Southward

Interim Budget 2024 Live Updates: Stock Market, Sensex, Nifty Slips; Rupee Appreciates 8 Paise Against US Dollar

By: PTI Updated: February 01, 2024 05:04 PM (IST)

Shares slipped on Thursday as investors opted for profit-taking amid mixed cues. The BSE Sensex declined 106.81 points or 0.15 per cent to settle at 71,645.30. The NSE Nifty50 dipped 28.25 points or 0.13 per cent to 21,697.45. Finance Minister Nirmala Sitharaman emphasized the positive transformation of the Indian economy in the last decade.

Proactive inflation management contributed to keeping inflation within a manageable range. GST collections for January surged 10.4% to over Rs 1.72 lakh crore, indicating buoyant economic activity. Global markets displayed mixed trends, with US markets ending lower on Wednesday. Markets turn choppy on Budget day; Sensex, Nifty settle lower

Benchmark equity indices ended lower on the Budget day on Thursday as investors opted for profit-taking amid mixed cues.

The 30-share BSE Sensex declined 106.81 points or 0.15 per cent to settle at 71,645.30.

During the day, it gyrated between a high of 72,151.02 and a low of 71,574.89.

The Nifty dipped 28.25 points or 0.13 per cent to 21,697.45.

It oscillated between the day's high of 21,832.95 and a low of 21,658.75.

Currency Market Live Updates: Rupee rises 8 paise to settle at 82.96 after FM Nirmala Sitharaman's presentation

The rupee appreciated by 8 paise to close at 82.96 against the US dollar on Thursday after the government hinted at faster fiscal consolidation and lower borrowings in its interim Budget for 2024-25.

Stock Market Live Updates: Data Pattern's PAT up 54% in Q3, shares rise

Data Patterns (India) Ltd, the Chennai-based Defence and Aerospace electronics solutions provider, reported a 54 per cent increase in net profit to Rs 51 crore for the third quarter ended December 31, 2023, as against Rs 33 crore for the same quarter last year.

Revenue increased by 26 per cent to Rs 140 crore (Rs 111 crore).

The company's stock price on the NSE was trading at Rs 1,949, up by 2.28 per cent.

Stock Market Today: Budget's fiscal metrics are notably promising, says Anand Rathi

Anand Rathi, Chairman, Anand Rathi Group: The budget's fiscal metrics are notably promising. The reduction of the fiscal deficit to 5.8% of GDP for the current year, down from the previously budgeted 5.9%, and the target of 5.1% for the next financial year, are commendable steps towards fiscal prudence.

Additionally, the reduction in the net borrowings augur well for funds availability to Private Sector to achieve growth.

This budgetary approach, combined with the inclusion of Indian bonds in the global bond fund index, indicates a substantial scope for a reduction in yields of Govt. Securities.

This is not only favorable for the bond market but also augurs well for the Indian equity market. The budget is particularly beneficial for public sector banks due to their large bond holdings, as well as for infrastructure, tourism, and logistics companies, in light of the specific announcements made.

The focus on housing is particularly positive for cement and other building materials.

Additional Provisions under PMAwas Yojana and free installation of Rooftop Solar System to 1 Crore poor people will help more and more population to move out of Poverty.

A noteworthy feature of the budget is the provision of a Rs 1 trillion long-term (50-year) fund at low or no interest rate, dedicated to research and development.

This initiative has the potential to be a game changer, fostering innovation in India.

In summary, this budget represents a balanced and positive approach, focusing on stimulating growth and financial stability.

It achieves this through targeting investment and innovation, without resorting to being populist ahead of the forthcoming general election.

The emphasis on prudent fiscal management while driving growth reflects a strategic approach in the current economic scenario.

Budget takes steps for women to excel both professionally and academically, says Vymo's Yamini Bhat

Yamini Bhat, Co-Founder and CEO, Vymo: "The budget has taken steady steps towards fostering an environment where women excel both professionally and academically.

The allocation of 30 crore Mudra Yojana loans for women entrepreneurs will strengthen women-led micro businesses and