Taking Stock: Sensex, Nifty close flat on Budget day; FM cuts fiscal deficit target, hikes LTCG

Market on Budget Day

Indian equity indices ended lower for a third straight session on July 23, with a mix of announcements by the Finance Minister Nirmala Sitharaman in her Union Budget speech.

At close, the Sensex was down 73.04 points or 0.09 percent at 80,429.04, and the Nifty was down 30.20 points or 0.12 percent at 24,479.

Amid positive global cues, the Indian indices started high but erased all gains and traded flat in the first half. In the second half, the profit booking dragged the Nifty below 24,100 after Finance Minister hiked the long-term capital gains tax (LTCG) on all financial and non-financial to 12.5 percent from 10 percent, in the Union Budget for 2024-25. However, the last-hour buying helped it to end on a flat note.

Also Read - FM cuts fiscal deficit target to 4.9% for FY25

Titan Company, Tata Consumer, ITC, NTPC and Adani Ports were among the top gainers on the Nifty, while losers included L&T, ONGC, Hindalco, Shriram Finance and Bajaj Finance.

Among sectors, FMCG, healthcare, media and IT indices were up 0.5-2.5 percent. However, bank, capital goods, metal, oil & gas and reality were down 1-2 percent.

The BSE midcap index shed 0.7 percent, while the smallcap index ended on a flat note.