Market ends in red after Interim Budget 2024

On February 1st, Budget Day, the local equities market indices concluded an unstable session with slight losses. Bank losses had a significant impact on domestic benchmark indices. In addition, Paytm's stock fell 20% as a result of RBI limitations placed on its payments bank.The Nifty was down 28.25 points, or 0.13 percent, at 21,697.45 at closure, while the Sensex was down 106.81 points, or 0.15 percent, at 71,645.30. A little over 1467 shares rose, 1762 shares fell, and 75 shares remained constant.

Top Nifty gainers were Maruti Suzuki, Cipla, Eicher Motors, and Power Grid Corporation; losers were UltraTech Cement, L&T, Dr. Reddy's Laboratories, JSW Steel, and Grasim Industries.

The Indian rupee gained 9 paise to 82.95 against the US dollar as market players exercised caution in advance of the interim budget.Forex dealers reported that the Rupee was trading in a limited range due to investor mood being affected by the strength of the US dollar in the foreign exchange market and a muted trend in local equities.

Interim Budget 2024 Highlights:

• Record ₹15,554 cr allocated to Maharashtra for rail works
• Allocation for Minority Affairs Ministry increases by ₹574 crore
• New scheme of bio-manufacturing and bio-foundry
• High-powered committee for challenges arising from fast population growth