stock market

Sensex and Nifty tanked after Finance Minister Nirmala Sitharaman announced a hike in STT (Securities Transaction Tax) on F&O (Futures and Options) securities. The 30-share BSE Sensex jumped as soon as Nirmala Sitharaman began presenting the Budget for 2024-25. But, within minutes, it slipped in the red and later dropped 1,266.17 points to 79,235.91 during the afternoon trade. The NSE Nifty also ticked higher as the Finance Minister began the presentation. However, volatile trends soon came in and the benchmark later tanked 435.05 points to 24,074.20. The BSE benchmark had climbed 264.33 points to 80,766.41 in early trade. The Nifty had gone up 73.3 points to 24,582.55. Nirmala Sitharaman on Tuesday said the government plans to raise the capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for the middle and upper middle class. Presenting the Budget for 2024-25, she announced a hike in STT (Securities Transaction Tax) on F&O (futures and options) securities by 0.02 per cent and 0.1 per cent. This is the first Budget during Prime Minister Narendra Modi-led government's third term…

Domestic markets are expected to remain volatile during the election season, said analysts. TCS will be the first major company to unveil quarterly results on Thursday. Gift Nifty at 24,400 signals a marginal gain for Nifty futures at open. On Wednesday, Nifty futures closed at 24,355. Besides, the focus has now shifted to the upcoming Budget, scheduled on July 23.

Asian stocks rallied to record peaks on Thursday while sterling edged to a four-month high on strong growth figures, as traders counted down to US data that is expected to show inflation easing and pave the way for rate cuts as soon as September.

Puravankara shares rose about 2 per cent on Friday after the company’s board granted in‐principle approval to raise funds through QIP up to ₹1,000 crore.

Jindal Stainless board has approved the acquisition of the remaining 46 per cent stake in Chromeni Steels Private Limited (CSPL) for a cash consideration of ₹277.90 crore.

Shares of Marine Electricals have hit a 52-week high on the NSE of ₹145 after the receipt of contracts worth ₹8.02 crore from Udupi Cochin Shipyard Ltd and Schneider Electric India Pvt Ltd.

The board of EIH Associated Hotels has recommended the capitalisation of reserves by issuing bonus shares in a ratio of 1:1.

Titagarh Rail Systems Ltd (TRSL) has commenced the production of trainsets for Bangalore Metro Rail Corporation Ltd’s (BMRCL) Phase 2 Yellow Line project, as part of a contract with China Railway Rolling Stock Corporation (CRRC).

The stock of GAIL (India) (₹221.83) finds an immediate support at ₹209. A major support is at ₹166. The short and long-term outlook appears bright. If the current trend sustains, the stock has the potential to reach ₹261 and for that it should not break ₹194. We expect the momentum to continue for GAIL (India).

Nifty 50 (23,466) and Bank Nifty (50,002) gained by a marginal 0.8 per cent and 0.4 per cent last week. While the derivatives data of Nifty 50 gives it a bullish inclination, Bank Nifty’s data gives more of a flattish signal. Below is an analysis.