Budget Day: Markets turn highly volatile after firm opening ahead of Budget

Markets Volatile Ahead of Interim Budget
Interim Budget 2024
Interim Budget 2024
Bombai Stock Exchange
Bombai Stock Exchange

Mumbai | Benchmark equity indices began the trade on an optimistic note on Thursday but later faced heavy volatile trends ahead of presentation of interim Budget.

The 30-share BSE Sensex climbed 248.4 points to 72,000.51 in early trade after beginning the day on a positive note. The Nifty went up by 62.65 points to 21,788.35.

Later, both the benchmark indices hit choppy waters and were trading between highs and lows.

Among the Sensex firms, Mahindra & Mahindra, Maruti, Power Grid, NTPC, IndusInd Bank and Sun Pharma were the biggest gainers.

Larsen & Toubro, Titan, Bajaj Finserv and JSW Steel were the major laggards.

Goods and Services Tax collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, reflecting buoyant economic activity and setting the stage for the next phase of GST reforms.

In Asian markets, Seoul, Shanghai and Hong Kong quoted in the green while Tokyo traded lower.

The US markets ended sharply lower on Wednesday.

The US Fed on Wednesday left its main interest rate steady and made clear it “does not expect it will be appropriate” to cut rates “until it has gained greater confidence that inflation is moving sustainably towards” its goal of 2 per cent.

"Wall Street took a hit overnight with the Dow down 0.8 per cent, the S&P 500 off 1.6 per cent, and the Nasdaq tumbling 2.2 per cent amid disappointing earnings from Alphabet. The Fed's decision to keep interest rates steady further fuelled selling across indexes. Investors now await Finance Minister Nirmala Sitharaman's interim Budget presentation, hoping for measures to boost economic growth and control deficits," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

On a positive note, January's GST collections hit a record high of Rs 1.72 lakh crore, he added.

Global oil benchmark Brent crude declined 1.40 per cent to USD 81.71 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,660.72 crore on Wednesday, according to exchange data.

The Sensex jumped 612.21 points or 0.86 per cent to settle at 71,752.11 on Wednesday. The Nifty climbed 203.60 points or 0.95 per cent to 21,725.70.

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