The benchmark equity indices ended Tuesday’s trading session in the negative territory as the government increased short-term capital tax gains and long-term capital gains tax. The NSE Nifty 50 ended down 30.20 points or 0.12% to settle at 24,479.05, while the BSE Sensex fell 73.04 points or 0.09% to 80,429.04.
The broader indices ended in negative territory, with gain fall by Small-cap and Midcap stocks. FMCG and Media stocks fell over 2% among the other sectoral indices while Realty, and Banking stocks shed.
Sectoral Index
Bank Nifty index ended lower by 502.10 points or 0.96% to settle at 51,778.30. The Nifty Midcap 100 dropped by 339.40 points, or 0.60%, ending the day’s trading at 56,285.25. In the broader markets, small-cap and mid-cap stocks finished in the red.
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Top Movers for the day
Titan, ITC, Tata Consumer Products, NTPC and Adani Ports were the top gainers on the NSE Nifty 50, while the laggards includes Larsen & Toubro, Hindalco, Shriram Finance, Bajaj Finance, and ONGC.
The Indian Volatility Index (India VIX) closed down by 17.42 % at 12.75.
Experts on Today’s Market Performance
“Domestic investors had high expectations from the budget to increasing revenue and capital expenditure. However, the narrative is mixed, by curtailing expenditure while attaining fiscal prudence, which can limit further growth,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said during the year, the market has fairly factored in ongoing growth and trading at a high premium. To sustain that gap, corporate growth has to be maintained, which is experiencing a slowdown as per the ongoing Q1 result.
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Commenting on the same Ajit Mishra – SVP, Research, Religare Broking said that Union Budget day turned into a roller coaster for investors, with the Nifty Index fluctuating dramatically before ending the session flat. The initial mood was subdued, but the announcement of increased STT on F&O and higher STCG and LTCG tax rates sparked a sharp reaction midway through the day. However, buoyant performance from select heavyweights helped recover most of the losses in the latter half. Sector-wise, FMCG and IT displayed notable resilience, while realty, metals, and banking faced pressure. The broader indices also underperformed, declining between 0.6% and 0.9%.
Mishra also added that given the volatility, we advise maintaining a cautious stance. It’s crucial for Nifty to sustain above the 24,200 level to keep a positive outlook; otherwise, profit-taking may intensify. Traders should adopt a hedged approach and favor defensive sectors such as FMCG, pharma, and IT for long trades. Conversely, avoid adding to positions in overbought themes like defense, railways, and select PSUs, and use any recovery to reduce exposure in loss-making trades.
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Commenting on the Bank Nifty today Rupak De, Senior Technical Analyst, LKP Securities said that The index experienced a correction during the day due to weakness in the market. Additionally, the index slipped below the 21-day exponential moving average, indicating a weakening trend. Sentiment might remain weak in the short term or until the index stays below 52,100. On the lower end, it might move towards 51,200–51,000. On the higher end, resistance is placed at 52,100/52,550.
(Disclaimer: Views, recommendations, and opinions expressed are personal and do not reflect the official position or policy of Financial Express.com. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)
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