Market News
3 min read | Updated on July 23, 2024, 18:11 IST
SUMMARY
Frontline index NIFTY50 (-0.13%) and SENSEX (-0.09%) closed in red. However, it saw a decent recovery from the lower levels as India VIX plunged 18% and marked a fresh two-week low on Tuesday. The Nifty Bank index underperformed as it ended the day down by 502 points at 51,778.30 level.
Stock list
LTCG and STCG amendments spark market jitters, followed by V-Shaped recovery leading to a flat close
Markets witnessed high volatility on Tuesday as Finance Miinister Nirmala Sitharaman presented her seventh budget . As the budget speech progressed volatility kicked in and as the Nirmala Sitharaman announced amendments in the Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG), post announcement markets witnessed steep fall was seen across the board. However, a V-shaped recovery was seen in closing hours of the markets. At the end of the session, the frontline indices NIFTY50 and SENSEX closed the session with marginal losses of -0.12% and -0.09%, respectively.
The NIFTY50 index logged its highest daily range which was over 500 points on Tuesday, and highest since June 4, 2024. Daily range is the difference between high to low of the day. Meanwhile, the India VIX plunged 18% and slipped below 13 mark and to a two-week low. The Nifty Bank index witnessed a sharp drop of 502 points and ended the day below 51,800 level.
Coming to the NIFTY50 index pullers and draggers, ITC (+63.55 pts), Titan (+20.16 pts), Infosys (+18.02 pts), NTPC (+11.18 pts), and Tata Consumer (+7.57 pts) were the pullers of the day. Draggers included HDFC Bank (-44.22 pts), L&T (-28.94 pts), Reliance (-23.96 pts), ICICI Bank (-22.53 pts), and Axis Bank (-11.84 pts).
Today, the broader market closed in negative territory. The Nifty Midcap 100 declined -0.60%, and the Nifty Smallcap 100 index slipped by -0.88%. Market breadth was weak on Tuesday as the declining stocks outnumbered the advancing stocks.
The sectoral indices closed on a mixed note. The top three gainers were NIFTY FMCG (+2.68%), NIFTY Consumer Durable (+2.11%), and NIFTY Media (+1.16%). The Nifty FMCG index hit a fresh all-time high on Tuesday, registering its sharpest single-day rise in over one-month. The top three losers were NIFTY Realty (-2.29%), NIFTY PSU Bank (-1.40%), and NIFTY Financial Services (-1.37%).
Asian markets concluded Tuesday's trading session mostly lower. The Hang Seng declined -0.94%, the Shanghai index closed down by -1.65%, while the Nikkei 225 Index ended flat, and the Kospi index gained by +0.39%.
At 3:55 PM, the Dow Jones Futures were trading up by 17 points at 40,710.
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