Sensex and Nifty closed flat on 23rd July as traders tried to comprehend Budget 2024 speeches.

Towards the end of an over 500-points slump during the budget speeches, Nifty settled at 24,479.05, moving southward by 30 points to its previous close of 24,509.25, while Sensex closed 73 points lower during today’s trading session after falling more than 1,200 points during the day and closing at 80,429.04 points.

The Nifty Bank Index fell 502 points to 51,778. The Midcap index declined 339 points to 56,285. Jewellery and FMCG stocks surged, with the Nifty FMCG Index being the top gainer.

Major gainers in the Sensex included Titan Company, ITC, NTPC, Infosys, Hindustan Unilever, and Mahindra & Mahindra, while shares such as L&T, Bajaj Finance, Axis Bank, State Bank of India, Power Grid Corporation of India, and ICICI Bank incurred significant losses.

Titan jumped 7% following the reduction of tax on gold and imports. Muthoot Finance and Manappuram Finance saw declines of up to 6%, moving opposite to the jewellery sector.

ITC rose 5% as the government did not change the tobacco tax. Real estate stocks dropped sharply due to the removal of indexation on property.

PSUs had a mixed close with no changes to their allocations. L&T fell over 3% as infrastructure capex remained unchanged from the interim budget. 

Tourism stocks gained, with Indian Hotels closing 4% off its lows. M&M Financial Services rose 1% on in-line Q1 earnings.

Market breadth favoured declines with an advance-decline ratio of 2:3.

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