Latest Market News Today Live Updates July 23, 2024: Budget 2024: Traders express frustration on social media as FM ups STT on F&O trading

• Securities Transaction Tax (STT) rate for F&O traders doubled by Finance Minister, affecting equity and index trades. Market anticipates short-term adjustment to new tax regime for long-term market stability. Traders express frustration on social media platforms.

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• Union Budget 2024-2: PSU stocks face correction due to inflated valuations and higher capital gains tax. Fiscal deficit target reduced to 4.9% of GDP for FY25, with goal of 4.5% or lower by FY26.

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• Top 5 blows that FM Nirmala Sitharaman announced in Budget 2024 includes rise in STT rate on F&O, Rise in STCG tax, rise in LTCG tax, etc

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• Warren Buffett’s Berkshire Hathaway has pared its stake in BYD to less than 5%, further unwinding its long-term bet on China’s largest electric-vehicle maker.

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• Budget 2024: Titan Company, Senco Gold , PC Jeweller others saw share price gain up to 12% during Intraday trades on Tuesday. Finance minister Nirmala Sitharaman cut customs duty on gold and silver to 6% in Budget 2024 today

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• Budget 2024: ‘We collected about ₹1500 cr of STT last year, can increase to ₹2,500 cr at new rates,’ say Nithin Kamath.

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• Union Budget 2024: TeamLease Services share price surges 10% as FM Sitharaman announces ₹2 lakh crore for job creation in the next five years. Analyst predicts prices could reach ₹3,500 with strong volume activity.

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• Union Budget 2024–2025 allocates funds to Andhra Pradesh, boosting investor interest in the state. FM Sitharaman promises financial support for infrastructure projects like Polavaram irrigation. NCC, KCP, and other stocks surge.

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• In Budget 2024, FM Nirmala Sitharaman raised STT rate applicable for Equity and Index trades from 0.01% to 0.02%

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• Finance Minister Nirmala Sitharaman, on July 23, announced a cut in custom duty on gold and silver to 6% from 10%.

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• Budget 2024: Indian stock market benchmarks, the Sensex, and the Nifty 50, plunged over a per cent each as Union Finance Minister Nirmala Sitharaman presented the Budget 2024 in parliament.

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• The Finance Minister increased the tax rate on long-term capital gains to 12.5% from 10% and set the exemption limit at ₹1.25 lakh per year.

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• Budget 2024: Hero MotoCorp, Eicher Motors, TVS Motor, Bajaj Auto share price rise 1-3%. The Rural two wheeler demand is likely to rise with boost with budget announcements directed at the rural growth.

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• Budget 2024: Union Finance Minister Nirmala Sitharaman, in her Budget 2024 speech, announced an investment of ₹26,000 crore in highway development in Bihar.

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• Budget 2024: Stocks of Kaveri Seed Company, Avanti Feeds, Coastal Corporation, Zeal Aqua, and BKV Industries surge 2-10% post budget announcement by FM Nirmala Sitharaman. ₹1.52 trillion allocated for agriculture. Analyst predicts strong performance, especially for Kaveri Seed Company.

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• In the Budget 2024, the finance minister declared a ₹10 lakh crore fund for urban housing for low-income people and ₹26,000 crore for highway projects in Bihar

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• Budget 2024: Most housing finance company stocks traded with healthy gains after Union Finance Minister Nirmala Sitharaman signalled in her Budget 2024 speech that the government will continue to focus on affordable housing.

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• Suzlon Energy’s stock hits a 14-year high after strong Q1 performance, with record wind turbine deliveries and reduced debt, propelling shares to a 51% increase this year.

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• Following shares hit their 52 week low today – Shrenik, Palred Technologies, Mep Infrastructure Developers, Secur Credentials, Sel Manufacturing Company

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• Following shares hit their 52 week high today – Torrent Pharmaceuticals, Godrej Consumer Products, Hindustan Unilever, ICICI Lombard General Insurance Company, Mphasis

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• Ahead of Budget 2024, Gensol Engineering share price opened with an upside gap at ₹984.90 apiece on the NSE and touched an intraday high of ₹985.15 apiece

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• Tunwal E-Motors IPO debuts positively on NSE SME, opening at ₹64, 8.5% higher than issue price. Tunwal E-Motors, a growing EV 2-wheeler company, achieves 12.31 times subscription status for its IPO.

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• Stock market strategy for Budget 2024: Experts recommend these five stocks to buy today — Balkrishna Industries, SBI, Tata Steel, Ashok Leyland, and Deepak Nitrite

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• Union Budget 2024 set to boost rural economy, capital expenditure, and investment-led growth post-2024 General Elections. Brokerage suggests 18 key stock picks across sectors. Anticipates RBI’s ₹2.11 lakh crore transfer to impact fiscal deficit, capex, PM-KISAN, and taxpayer incentives.

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• Budget 2024: India is Eyeing twin Objectives of Self Reliance & Exports in the Defence Sector , said Gurpreet Sidana CEO, Religare. Investors should focus on companies with a strong track record in project execution, diversified portfolios robust order books, and those in shipbuilding, drones

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• HUL share price hits 52-week high before Q1 results and budget announcements. Analysts foresee a positive outlook with a target of 3,000 and support at 2,680.

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• PSU stocks have thrived due to government’s capex in defence, railways, and infrastructure, aligning with ‘Viksit Bharat’ vision. Increased order acquisitions and limited liquidity have boosted stock prices.

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• Sanstar IPO subscription status shows high interest from investors, with NII leading the way, followed by retail, resulting in an overall subscription of 13.48x on Day 2. Nirmal Bang’s analysis showcases Sanstar’s impressive revenue growth, profitability, & return ratios, recommending a SUBSCRIBE.

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• The upcoming Union Budget may focus on boosting consumption through tax cuts or increased spending on consumer-focused areas, with apprehensions of a market correction looming.

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• Stocks to buy on Budget 2024: Sumeet Bagadia has recommended these five shares to buy today — Sportking India, AWHCL, Nitin Spinners, RCF, and Gravita India

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• Budget 2024 expectations: No change in capital gain tax, aggressive divestment policy, etc. are one of those major demands that the Indian stock market seeks from FM Nirmala Sitharaman

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• The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,550 level, a premium of nearly 30 points from the Nifty futures’ previous close.

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• Indian stock market: Gift Nifty was trading around 24,550 level, a premium of nearly 30 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

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• Buy or sell stocks: Vaishali Parekh has recommended buying these three stocks ahead of the budget 2024 — HAL, JWL, and GNFC

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• Bandhan Bank, Chambal Fertilisers and Chemicals, GNFC, Hindustan Aeronautics, India Cements, Piramal Enterprises, and SAIL are the seven stocks on the NSE’s F&O ban list for July 23.

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