look news india
Stock Market Today: The impact of the increase in capital gains tax in the budget today saw dry conditions in the stock market. After opening with a decline, the market is trading in the red zone. However, as the stock specific buying volume increased, investors' capital increased by Rs. 3 lakh crore.
The Sensex today opened with a decline and closed at 341.75 points. However, later at 10.41 am, it was trading down by 145.35 points. Investors appeared to be adjusting themselves with the increase in capital gains tax. At the time of writing the news, the Nifty has maintained the level of 24000, which is indicating scope for correction in the market. At 10.43 am, the Nifty was trading down by 34.60 points at 24444.45.
At 10.44 am, the market cap of BSE was Rs 449.16 lakh crore. Out of the total 3720 stocks traded, 2651 stocks were trading in favor of gains and 905 stocks were trading in favor of decline. 172 stocks reached the highest level of the year and 260 stocks hit the upper circuit. 153 stocks hit the lower circuit and 16 stocks reached the lowest level of the year.
Attractive rise in shares of government companies
PSU, Oil & Gas, Power, Consumer Durables indexes were trading more than 1 percent higher due to the focus on infrastructure in the budget. MMTC was trading up 15.46 percent, MRPL 4.13 percent, NLC India 3.83 percent, LIC 3.58 percent, ONGC 3.30 percent. The Union Budget has focused on infrastructure, rural sector and tax savings. In which the focus is on increasing rural demand and stimulating employment generation.
ITC shares rise
ITC shares rose 5.5 per cent after the Union Budget kept tobacco tax unchanged, rising 4 per cent today to cross the Rs. 500 mark. ITC shares rose 3.7 per cent to a new high of Rs. 510.60. It has gained 10.5 per cent in the last one year and 4.4 per cent in the last one month.
