Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
BSE Sensex has now zoomed more than 1200 points on Friday as markets absorb the Interim Budget 2024-25.
BSE Sensex is at 72,916.43 points, up 1271.13 points or 1.77 per cent.
Powergrid is top gainer up by 5 per cent followed by Infosys up by 3 per cent, NTPC is up 3 per cent, Tech Mahindra is up 3 per cent.
Advertisement
The Nifty crossed the 22k mark. Nifty top gainers are BPCL up 6 per cent, Adani Ports, up by more than 5 per cent.
Motilal Oswal Financial Services said in a report that the Interim Union Budget 2024 was presented on 1st Feb’24. Although the Finance Minister had already informed that no “spectacular announcements” are forthcoming, the market participants had some expectations.
However, notwithstanding the general elections, the ability of the GoI to resist any populist schemes or incentives is extremely commendable. Not only this, the fact that the GoI has budgeted a fiscal deficit of 5.1 per cent of GDP for FY25 (and lower than budgeted in FY24RE), it is extremely serious about its (tall) task of achieving 4.5 per cent of GDP by FY26.
This clearly shows that the GoI is totally committed towards the long-term macro-economic stability, even if it comes at the sacrifice of growth in the short-term, the report said.
Advertisement
