Stock market dynamics: The benchmark stock index started trading on an upbeat note on Thursday but then faced sharp swings ahead of the medium-term budget.
Budget 2024: Watch all live updates from Budget 2024-25 here
The 30-share BSE Sensex opened on a positive note, rising 248.4 points to 72,000.51 points in early trade. Nifty gained 62.65 points to reach 21,788.35 points.
Subsequently, both benchmark indices were choppy and fluctuated between highs and lows.
Among Sensex companies, Mahindra & Mahindra, Maruti, Power Grid, NTPC, IndusInd Bank and Sun Pharma were the top gainers.
Larsen & Toubro, Titan, Bajaj Finserv and JSW Steel are the major laggards.
Goods and services tax collections jumped 10.4% to over Rs 172 crore in January, reflecting brisk economic activity and laying the foundation for the next phase of the goods and services tax reforms.
In Asian markets, quotes in Seoul, Shanghai and Hong Kong were in the green, while quotes in Tokyo were lower.
U.S. stocks closed sharply lower on Wednesday.
The Federal Reserve kept its key interest rate unchanged on Wednesday and made clear that it “does not anticipate it will be appropriate” to cut rates “unless it becomes more confident that inflation is sustainably moving toward its 2% goal.”
On the positive side, GST collections hit a record high of Rs 172 crore in January, he added.
Global oil benchmark Brent crude fell 1.40% to $81.71 a barrel.
Foreign institutional investors (FIIs) bought shares worth Rs 1,660.72 crore on Wednesday, according to exchange data.
On Wednesday, the Sensex rose 612.21 points, or 0.86%, to close at 71,752.11 points. Nifty gained 203.60 points, or 0.95%, to 21,725.70 points.
Before the opening bell, the Sensex was up 63.63 points or 0.09% at 71,815.74 and the Nifty was up 24.20 points or 0.11% at 21,749.90.
Among the listed stocks, 1,763 stocks rose, 664 stocks fell, and 89 stocks remained unchanged.
2024 mid-term budget
Investors await Finance Minister Nirmala Sitharaman’s interim federal budget report in hopes of measures to boost economic growth and rein in the deficit. On the positive side, Goods and Services Tax (GST) collection hit a record high of Rs 1.72 billion in January.
medium term budget
The 2024-25 medium-term budget is scheduled to be announced on February 1, 2024. While it’s not a full-fledged budget like the one presented in July, it can still impact the stock market in multiple ways.
Investors will be looking for announcements related to specific sectors such as infrastructure, rural development and social welfare.
(with PTI input)
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