The Indian stock market opened with minor gains on Friday remaining negative for two consecutive days after the announcement of the Union Budget 2024-25.
The Sensex was up 131.08 points or 0.16 percent at 80,170.88, and the Nifty was up 52.10 points or 0.21 percent at 24,458.20. About 1923 shares advanced, 525 shares declined, and 130 shares unchanged.
Among the sectoral indices at NSE, the Bank, Financial Services, FMCG, and Private Banks opened in red territory while the Auto, Financial Services, Nifty IT, Media, Pharma, Metal, PSU Bank, Realty, Healthcare, Consumer Durables, Oil and Gas stocks opened in green.
Hindalco, Bharti Airtel, LTIMindtree, Coal India and Sun Pharma were among major gainers on the Nifty, while losers were Tech Mahindra, IndusInd Bank, Tata Consumer, Maruti Suzuki and Axis Bank.
“The Union Budget has been digested by the markets. On balance, but for the disappointment on the personal tax, enhanced capital gains tweaks, if we compare the Budget to FY2024, it ticks all the key priorities,” said Ajay Bagga, a banking and market expert.
“Looking ahead, the short-term outlook for Nifty remains sideways, expected to trade within the range of 24,200 to 24,600. A breakout beyond these levels could signal a shift in momentum, while breaches below 24,100 might trigger deeper corrections,” said Varun Aggarwal MD, Profit Idea.
In global markets, Asian equities showed mixed performance today. Japan’s Nikkei 225 and Topix slipped marginally, contrasting with gains in South Korea’s Kospi and Kosdaq. Hong Kong’s Hang Seng index futures hinted at a weaker opening.
On Wall Street, US stocks closed mixed as key economic data and corporate earnings drove divergent movements. The Dow Jones gained 81.20 points to 39,935.07, while the S&P 500 declined by 27.91 points to 5,399.22, and the Nasdaq Composite fell by 160.69 points to 17,181.72.
(ANI)