Stock Market Live Updates: Indian stock markets took a hit today as the government announced an increase in taxes on capital gains and derivatives trading. The NSE Nifty 50 and S&P BSE Sensex both dropped about 1%, trading at 24,225 and 80,024 respectively. Additionally, the Indian rupee hit a record low against the US dollar at 83.69.
However, amidst the overall decline, consumer stocks saw gains of 2% following the government’s announcement of allocating 1.52 trillion rupees for the agriculture and allied sectors. Stocks like Kaveri Seeds, Mangalam Seed, and Dhanuka Agritech rose between 4.4% and 10.5%. Fisheries stocks Avanti Feed and Coastal Corp also saw gains of 4.3% and 2.3% respectively.
On the other hand, capital goods stocks like Larsen & Toubro, ABB India, Thermax, and Siemens experienced losses between 1.5% and 5% after the government did not increase infrastructure spending as expected.
The Budget announcements by Union Finance Minister Nirmala Sitharaman have had a significant impact on the stock market today. Stay tuned for more updates on how the market reacts to the latest developments.
