Indian Stock Market Tumbles: Why Sensex and Nifty 50 Fell Over 1% Today
Indian stocks dropped when Finance Minister Nirmala Sitharaman proposed increases in capital gains taxes while delivering the Union Budget 2024.
Following the announcement, the Sensex, Bombay Stock Exchange’s 30-share index, plummeted by more than 1,000 points, dipping below the 80,000-mark. However, it managed to recover some of the losses shortly after. The Nifty index also showed trading in negative territory.
Yesterday, the Sensex finished at 80,502.08, while the NSE benchmark ended at 23,537.85.
A bright spot in the Budget was the raised standard deduction under the new regime, increased from ₹ 50,000 to ₹ 75,000.
NTPC, ITC, and UltraTech Cement emerge as top gainers in the BSE pack, while JSW Steel and HDFC Bank record significant losses.
The pre-budget Economic Survey, released yesterday, observed that IT sector hiring has slowed dramatically in the previous fiscal year and is unlikely to rise up much.
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