Capital gains exemption limit on certain financial assets raised to Rs 1.25 lakh per year.
Sensex and Nifty tanked after Finance Minister Nirmala Sitharaman announced a hike in STT (Securities Transaction Tax) on F&O (Futures and Options) securities.
As soon as Nirmala Sitharaman began presenting the Budget for 2024-25, the 30-share BSE Sensex jumped. However, within minutes it slipped in the red and subsequently lost 1,266.17 points to trade at 79,235.91 during afternoon trade.
Similarly volatile trends emerged soon after the Finance Minister began her presentation followed by a drop of -435.05 points to benchmark at 24,074.20.The BSE benchmark had risen by 264.33 points early on to reach 80,766.41; while the Nifty also rose by73.3 points opening up at 24,582.55.
On Tuesday Nirmala Sitharaman stated that government plans include raising capital gains exemption limits on some financial assets to Rs1.25 lakh p.a for middle class & upper middle-class families .
It also proposed raising STT (Securities Transaction Tax) on F&O (futures and options) securities by0 .02%and0 .1%.
This is Narendra Modi-led Prime Ministers third term in office’s first Budget recorded so far.
Sitharaman said, “India’s economic growth continues to shine while the global economy is still in the grip of policy uncertainty.” The country’s inflation remains stable and is moving towards 4% with core inflation at 3.1%.
Major laggards included Larsen & Toubro, Bajaj Finance, Power Grid, Reliance Industries, State Bank of India and Bajaj Finserv.
Meanwhile biggest gainers included Titan, ITC, Hindustan Unilever and Adani Ports.