Sensex closed down by 73.04 points, or 0.09%, at 80,429.04, and the Nifty was down by 30.20 points, or 0.12%, at 24,479. The indices started high amid positive global cues but erased gains and traded flat due to profit booking.
The Nifty dipped below 24,100 after the Finance Minister announced a hike in long-term capital gains tax (LTCG) from 10% to 12.5%
Impact on the stock market
The Nifty 50 experienced mixed performance across various sectoral indices. The Nifty 500 index saw a slight decline, closing at 22,865.2, down by 0.34%. In contrast, the Nifty Auto index managed a modest gain, ending at 25,321.7, up by 0.28%.
The Nifty Bank index, however, mirrored the broader market’s downward trend, closing at 51,778.3, down by 0.34%. These figures reflect the market’s cautious sentiment ahead of key economic events and announcements.
| Sector/Index | Performance |
| IT & BPM sector | +0.68% |
| Healthcare sector | +0.53% |
| Oil & Gas sector | -1.20% |
| Real estate sector | -2.29% |
| PSU Bank in India | -1.40% |
Top gainers today
| Company | Price | Change (%) |
| Titan Company Share Price | 3,466.85 | +6.53 |
| ITC Share Price | 492.20 | +5.50 |
| TATA Cons. Prod Share Price | 1,256.90 | +4.32 |
| Adani Ports Share Price | 1,507.35 | +2.73 |
| NTPC Share Price | 382.45 | +2.40 |
Top losers today
| Company | Price | Change (%) |
| Shriram Finance Share Price | 2,739.20 | -3.12 |
| Larsen Share Price | 3,538.05 | -3.11 |
| Hindalco Share Price | 653.50 | -2.80 |
| Bajaj Finance Share Price | 6,727.10 | -2.28 |
| ONGC Share Price | 314.15 | -2.07 |
Market aftermath: Impact on stocks
Bajaj Finance Q1: Profit Up 14% to Rs 3,912 Crore
Bajaj Finance reported a 14% year-on-year rise in Q1 FY25 net profit to Rs 3,912 crore, missing street expectations. The company’s net interest income (NII) grew 25% to Rs 8,365 crore. The stock faced pressure as the results missed analyst estimates of Rs 4,020 crore in net profit and Rs 9,042 crore in NII.
The company reported robust loan growth and asset quality, with new loans growing by 10% and assets under management expanding 31% to Rs 3.5 lakh crore. The market’s reaction highlights the high expectations set for Bajaj Finance’s performance.
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HUL Q1: Net Profit Up 1.5% to Rs 2,538 Crore
HUL’s Q1 FY25 results beat estimates, with a 1.5% year-on-year rise in net profit to Rs 2,538 crore and a 2% increase in revenue to Rs 15,523 crore. The FMCG firm reported underlying volume growth of 4% and noted a gradual recovery in rural demand.
Challenges like an intense heatwave and price cuts, HUL managed to deliver a solid performance. The stock’s positive reaction reflects investor confidence in the company’s ability to navigate difficult market conditions and maintain growth.
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ITC Soars 4% as Budget Skips Tobacco Tax Hike
ITC shares soared over 4% as the Budget 2024 did not include a hike in tobacco taxation. This news was well-received by investors, given ITC’s significant revenue from its cigarette business. Additionally, measures to boost employment and income sparked hopes for increased demand for consumer staples.
The absence of additional taxes on tobacco products alleviated concerns about potential negative impacts on ITC’s core business, leading to a surge in the stock price.
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Crude oil
Crude oil futures traded higher, with September Brent oil futures at $83.11, up by 0.58%, and September crude oil futures on WTI at $79.05, up by 0.52%. China’s decision to lower its lending rate to stimulate the economy positively impacted oil prices.
On the Multi Commodity Exchange (MCX), August crude oil futures were trading at ₹6,625, up by 0.20%, and September futures at ₹6,565, up by 0.18%.
Conclusion
July 23 was a significant day for the Indian stock market, with the Union Budget 2024-25 influencing investor sentiment and market movements. While the Sensex and Nifty ended flat, specific stocks like ITC and sectors like FMCG saw notable gains.
Quarterly earnings from Bajaj Finance and HUL also played a crucial role in the day’s market dynamics. Investors should continue to monitor budget-related developments and earnings reports to make informed decisions in the coming days.
Stay tuned on StockGro for more updates on market trends.
