Stock market today: Sensex, and Nifty see marginal, cautious gains ahead of the union budget 2024 on July 23rd, 2024
Jul 23, 2024, 10:05 IST
Ahead of the budget, both indices Sensex and Nifty opened the day cautiously. As of 10 am on July 23rd Sensex was up by 0.04% at 80,535.82 points, while Nifty was down by 0.12%, trading at 24,479.25 points.
Eicher Motors, NTPC, Grasim, ITC, and UltraTech Cement opened the day in green and were amidst the top gainers in early trade. On the other hand, Shri Ram Finance, HDFC Bank, Hindalco, SBI Life and BPCL were amongst the leading laggards.
All broad market indices opened in red on Nifty, while auto, FMCG, realty, pharma and healthcare indices inched up marginal gains.
FM Nirmala Sitharaman is set to present the first full-fledged budget under Modi 3.0 at 11 am today. Experts are anticipating significant tax reliefs required to boost consumption, and marked capital expenditure to aid infrastructure development.
Mr. Aditya Gaggar, Director of Progressive Shares noted that yesterday, a swift recovery in the broader markets helped the index limit its losses to close at 24,509. "Considering the Union Budget announcement today, wild swings can be expected on both sides where 24,200 will be the immediate support while the higher side seems to be capped at 24,800. In the case of Bank Nifty, the support is placed at 51,920 while resistance is set at 52,750. We hold the same stance on the sectors we stated earlier, i.e. bullish on FMCG/ IT and bearish on Auto. However, positive development in the budget can change the trend of the markets. Investors should wait and watch before taking any action", he continued.
Sameet Chavan, Head Research, Technical and Derivative - Angel One highlights that on the event day, Nifty is likely to experience wild swings, with 24850 as a stiff hurdle followed by 25,000. "On the downside, 24,200 followed by 24,000 serves as key support levels. Any significant close below these levels may trigger a much-awaited price correction in the near term. Generally, budget sessions are pivotal for the next leg of the trend, so traders
should monitor the event's outcome closely in relation to key levels at closing", notes Chavan.
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Eicher Motors, NTPC, Grasim, ITC, and UltraTech Cement opened the day in green and were amidst the top gainers in early trade. On the other hand, Shri Ram Finance, HDFC Bank, Hindalco, SBI Life and BPCL were amongst the leading laggards.
All broad market indices opened in red on Nifty, while auto, FMCG, realty, pharma and healthcare indices inched up marginal gains.
FM Nirmala Sitharaman is set to present the first full-fledged budget under Modi 3.0 at 11 am today. Experts are anticipating significant tax reliefs required to boost consumption, and marked capital expenditure to aid infrastructure development.
Mr. Aditya Gaggar, Director of Progressive Shares noted that yesterday, a swift recovery in the broader markets helped the index limit its losses to close at 24,509. "Considering the Union Budget announcement today, wild swings can be expected on both sides where 24,200 will be the immediate support while the higher side seems to be capped at 24,800. In the case of Bank Nifty, the support is placed at 51,920 while resistance is set at 52,750. We hold the same stance on the sectors we stated earlier, i.e. bullish on FMCG/ IT and bearish on Auto. However, positive development in the budget can change the trend of the markets. Investors should wait and watch before taking any action", he continued.
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should monitor the event's outcome closely in relation to key levels at closing", notes Chavan.