Stock Market Live Update: Stock markets fall as govt increases tax on capital gains, derivates trading; Rupee at record low | Business News
Stock Market Live Updates: The NSE Nifty 50 and S&P BSE Sensex dropped about 1% each, trading at 24,225 and 80,024 respectively.
Stock Market Live Updates: Indian stock markets declined significantly on Tuesday as the government proposed to raise the tax on capital gains and on trading derivatives. The NSE Nifty 50 and S&P BSE Sensex dropped about 1% each, trading at 24,225 and 80,024 respectively. The Indian rupee also dropped to a record low against the US dollar to 83.69.
The index gyrated between highs and lows during the day as Finance Minister Nirmala Sitharaman announced budget proposals for 2024-25.
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Which are the stocks that have seen gains today? Consumer stocks have been the exception today, gaining 2% after the government said it will allocate 1.52 trillion rupees for the agriculture and allied sectors. Agriculture stocks like Kaveri Seeds, Mangalam Seed and Dhanuka Agritech rose between 4.4% and 10.5%. Fisheries stocks Avanti Feed and Coastal Corp rose 4.3% and 2.3%, respectively after the government pledged financial support for the sector.
Nirmala Sitharaman announces changes in tax slab, calculate your income tax for FY 24-25
Which stocks are trading in red? Capital goods stocks like Larsen & Toubro, ABB India, Thermax and Siemens lost between 1.5% and 5% after the government did not increase the amount it planned to spend on infrastructure. L&T was the top Nifty 50 loser.
Live Blog
Share Market Budget 2024 Live: The stock market has been in red as Union Finance Minister Nirmala Sitharaman presented the Budget. Follow this space for latest news and updates from the share market
‘Retail investors flock to market, hold Rs 36 lakh crore worth stocks’
The number of retail investors in the domestic stock market has surged to over 9.5 crore at present and they directly own close to 10 per cent in the market through investments in 2,500 listed companies, the Economic Survey 2023-24 said.
This unprecedented surge in retail investor participation and activity has been fueled by the technological advancement such as India Stack and regulatory measures.
“Individual investors today are over 9.5 crore and have nearly 10 per cent direct ownership of the market through its almost 2,500 listed companies. This translates to around Rs 36 lakh crore of wealth as of March 2024, apart from indirect ownership in equity mutual funds that have Rs 28 lakh crore in assets under management (AUM),” the survey said. Read More
How does a Union Budget influence the economy?
Apart from not overburdening people with increasing levels of borrowings and debt, a government can use the budget to influence the behaviour of Indian citizens and businesses in two broad ways.
One is by tweaking who it taxes and how much. For instance, if a government wants to incentivise businesses in one segment of the economy — presumably because it believes such a move will leverage India’s demographic profile, create jobs and bring prosperity — it can lower the tax rate. To be sure, lowering the tax rate may not necessarily lead to lower revenues; it is quite possible that the increased economic activity (thanks to the lower tax rate) leads to higher overall revenues despite a lower tax rate.
Second is by tweaking where a government spends and how much. While the budget is only for a year, budgets at the start of a new government’s term (as is the case this time) can often signal a broader shift in how the government wants to spend its money.
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First uploaded on: 23-07-2024 at 07:24 IST
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