Today the country’s general budget (Union Budget 2024) is going to come. Finance Minister Nirmala Sitharaman will present the seventh consecutive budget of her tenure. While the country’s eyes will be focused on the announcements made by the Finance Minister on the budget day, the impact of the budget announcements can also be seen in the stock market. There was a lot of turmoil in the stock market on the last trading day and in the end it closed in the red. Experts believe that if the government makes big announcements for certain sectors including tax exemptions, then the stock market can get a boost. The first signal green is being received from Gift Nifty on the budget day.
Sensex closed on red mark
First of all, let us talk about the performance of the stock market on the last trading day on Monday, then let us tell you that both the stock market indices Sensex and Nifty had a bad start. BSE Sensex opened at the level of 80,408.90 after falling 200 points and within a few minutes it slipped by 500 points. After this, there was a sharp recovery in the market, but by the end of the trading, it fell again and finally closed at the level of 80,502.08, falling 102 points.
There was a decline in Nifty-50 also
Like Sensex, NSE Nifty also opened in the red and started trading at the level of 24,445.75 compared to its previous closing of 24,530.90. It had slipped by 150 points even in early trade. At the end of trading in the stock market, the Nifty index closed at the level of 24,509.25 with a fall of 21.65 points.
These announcements can change the mood of the market!
The stock market has made a strong start on the budget day and this time too it is possible that the market may start on the green mark. According to experts, some big announcements made by Finance Minister Nirmala Sitharaman can improve the mood of the market. Elara Securities said in its note that the announcement made by the government regarding focus on fiscal consolidation and capital expenditure allocation will impact the market movements.
Apart from this, the brokerage has said that something or the other can be announced for everyone in this Union Budget. The announcement of possible relaxation in income tax rates for those falling in the lowest income tax bracket along with increase in expenditure on social and rural schemes can boost the market.
Rise in Gift Nifty
Before the presentation of the budget, fluctuations in the stock market are being expected. At the same time, a relief news is coming from Gift Nifty. Gift Nifty is currently trading at 24,556, up 37 points. Experts say that it is too early to say anything about the stock market before the budget, but the impact of the announcements made in it will be visible on the market as well.
(Note- Before making any kind of investment in the stock market, definitely take advice from your market experts.)