Stock Market Today: Key Movements and Trends - July 24, 2024

 Stock Market Today: Key Movements and Trends

Stock Market Today: July 24, 2024

Overview

The stock market today has been influenced by several key events, including reactions to the Union Budget 2024 in India and various global economic factors. The Sensex and Nifty showed mixed responses, with broader markets settling in the red. This article will delve into the major movements and trends observed in the stock market today.

Major Indices

• Sensex: The Sensex closed marginally lower, down by 70 points, influenced by budget announcements and sector-specific developments.
• Nifty 50: The Nifty 50 index settled below the 24,500 mark. Specific stocks like Titan, ITC, and Adani Ports emerged as top gainers, reflecting investor confidence in these sectors.

Key Drivers

Union Budget 2024

The Indian stock market's reaction today was significantly impacted by the Union Budget 2024. Key measures included:

• Tax Changes: Increases in short-term capital gains tax from 15% to 20% and long-term from 10% to 12.5% had a notable impact on investor sentiment.
• Infrastructure Spending: The government's continued focus on infrastructure, with an allocation of ₹11.11 lakh crore, provided a positive outlook for related sectors. Additionally, the promotion of waste management projects for 100 large cities led to a significant rise in stock prices of companies in this sector.

Global Influences

• Federal Reserve Policies: The Federal Reserve's policy decisions continue to weigh heavily on market trends. Investors are closely monitoring any signals regarding interest rate changes, which could affect global liquidity and investment flows.
• Commercial Real Estate Crisis: The ongoing crisis in the commercial real estate sector, particularly in the US, has created caution among investors, leading to mixed performances in related stocks.

Sector Performances

Gainers

• Technology and Pharma: Stocks like Tata Elxsi and Dr. Reddy’s Laboratories saw positive movements, driven by strategic agreements and strong quarterly earnings.
• Waste Management: EMS stocks surged by 17.4% following budget announcements promoting environmental projects.

Losers

• Precious Metals: Gold and Silver prices faced significant declines due to a reduction in import duties, which could influence short-term trading activities.

Expert Opinions

Financial experts highlighted the balanced approach of the Union Budget towards growth and fiscal consolidation. The budget’s impact on capital markets was mixed, with some measures like increased capital gains tax creating short-term uncertainties, while long-term infrastructure investments were viewed positively.

Conclusion

Today's stock market performance reflects a blend of domestic policy impacts and global economic factors. Investors are advised to stay informed about ongoing policy changes and global market trends, as these will continue to shape market dynamics in the coming days.

For more detailed updates and live market trends, you can visit sources like Business Standard and NerdWallet.