look news india
Stock Market Closing: The increase in tax rates such as LTCG, STCG, STT applicable on financial and non-financial assets in the budget has increased the volatility in the stock market. The Sensex closed 280.16 points down at 80148.88 with a volatility of 769.07 points, while the Nifty closed 65.55 points down at 24413.50.
The Union Budget focused on infrastructure, job creation and developed India mission and PSU and infra stocks saw a surge. Despite the stock market being in the negative zone, the stock specific rally led to investor wealth appreciation of Rs. 3.35 lakh crore. Today 430 stocks hit upper circuit and 229 stocks hit year's highest level.
Energy, oil and gas stocks rise
Apart from telecom stocks, energy, oil and gas stocks witnessed attractive gains today. Due to which the market has suffered a major setback. Among the sectoral indices of BSE, the energy index rose 1.60 percent, telecom 1.24 percent, consumer durables 1.07 percent, oil and gas 1.69 percent, power 1.24 percent. On the other hand, profit booking increased in banking-financial stocks including HDFC Bank, Axis Bank, SBI and Kotak Mahindra Bank.
Market breadth positive
Despite the huge volatility in the stock market, the market breadth has remained positive. Out of a total of 4007 stocks traded on the BSE, 2810 stocks closed in the green and 1088 stocks closed in the red. Out of 2770 stocks traded on the NSE, 1992 stocks closed in the positive and 700 stocks closed in the red.
The stock market is trading in a phase of consolidation. After a flat start, Nifty and Sensex recorded a big decline. However, the index was later compensated. It is worth noting that for the last few days, the stock market has created new record highs with attractive momentum.
