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Budget 2024: Sensex, Nifty fall as govt raises tax on capital gains, derivatives trading

VCCircle

VCCircle · 1y ago

Budget 2024: Sensex, Nifty fall as govt raises tax on capital gains, derivatives trading

Indian shares fell as the government proposed higher taxes on capital gains and derivatives trading in the Budget 2024 announcement. The Nifty 50 and Sensex both dropped around 1.6% following the news. The tax on equity investments held for less than a year was raised to 20%, while shares held for more than 12 months will be taxed at 12.5%. The securities transaction tax on derivatives was also increased. Market analysts were not expecting these tax hikes and anticipate short-term market impact.

Related News

Budget 2024: Traders Reel Under Capital Gains Tax Shock; Will Zerodha, Groww Take A Hit?

Inc42 · 1y ago

Budget 2024: Traders Reel Under Capital Gains Tax Shock; Will Zerodha, Groww Take A Hit?

The recent announcement of increased short-term and long-term capital gains tax in the Union Budget 2024 has raised concerns among short-term traders and may slow down retail trading activity in India. Investors who engage in derivatives trading, like future and options trading, are particularly affected by these changes. The heightened taxes on various assets could impact the trading volumes on stock exchanges and the user base of discount brokerages. Finance minister Nirmala Sitharaman announced these tax hikes earlier today.

Nifty, Sensex hit record highs amid positive global trends and budget optimism; banks shine

Money Control

Money Control · 1y ago

Nifty, Sensex hit record highs amid positive global trends and budget optimism; banks shine

On June 19, the Nifty 50 and Sensex reached record highs in the opening trade, influenced by positive global market trends and optimism surrounding the upcoming budget. The banking and healthcare sectors led the gains, while construction and consumer durables segments declined. Finance Minister Nirmala Sitharaman's budget presentation in July, the government's stance on fiscal deficit, and any potential changes to the capital gains tax are being closely watched by the market. Experts expect the positive momentum to continue driving the benchmarks higher.

Nifty, Sensex close near flatline; Bank Nifty hits fresh high of 51,900

Money Control

Money Control · 1y ago

Nifty, Sensex close near flatline; Bank Nifty hits fresh high of 51,900

On June 19, the Indian stock market experienced a choppy and volatile trading session, with Sensex and Nifty ending nearly flat. The Sensex closed up 0.05 percent at 77,337, while the Nifty 50 was down 0.2 percent at 23,521. Banking and IT stocks led the gains in the Nifty 50, while construction and energy stocks declined. Bharti Airtel, Maruti Suzuki, and Titan were among the worst-hit stocks. The volatility index, India VIX, rose nearly 6 percent to 13.7. Investors are now looking forward to the Union Budget in July.

Sensex, Nifty close in red for fifth session in a row; metals, IT stocks drag

Money Control

Money Control · 1y ago

Sensex, Nifty close in red for fifth session in a row; metals, IT stocks drag

Indian benchmark indices, Sensex and Nifty 50, dropped nearly 1% on May 30 ahead of the monthly expiry of derivatives contracts. Nifty 50 breached a crucial support level, signaling potential further decline. Analysts suggest a make-or-break point for the market ahead of the exit polls on June 1. Concerns over the ruling party's potential slim victory margin impacted investor sentiment. In terms of sectors, Nifty Metal and Nifty IT were the worst performers, while Nifty Bank recorded gains. Tata Steel, Infosys, and TCS contributed to the decline, while ICICI Bank, Axis Bank, and HDFC Bank recorded gains. The broader market also witnessed a decline.

Markets open higher ahead of Budget presentation

YourStory

YourStory · 6m ago

Markets open higher ahead of Budget presentation

The benchmark indices Sensex and Nifty rose ahead of the Union Budget presentation, with major gains in companies like ITC Hotels and Sun Pharma. Market expectations include potential personal income tax cuts to boost consumption. Geojit's V K Vijayakumar says the immediate market response will be short-lived, with long-term growth and earnings trends being more influential. The Economic Survey suggests India's growth could slow, emphasizing the need for reforms. Asian markets were closed due to holidays.

Sensex, Nifty end at record closing high, aided by PSU stocks

VCCircle

VCCircle · 1y ago

Sensex, Nifty end at record closing high, aided by PSU stocks

Sensex and Nifty, India's leading stock market indexes, reached record closing highs on Monday, supported by gains in state-owned companies and a strong start to the earnings season. The Nifty rose 0.35% to 24,586.7, while the Sensex added 0.18% to end at 80,664.86. This marked the second consecutive session of record closing highs for both indexes. The positive sentiment among investors is driven by positive IT company results and expectations for the national budget, which is due on July 23.

Boost to entrepreneurship, bid to curb speculation a hard balance

Economic Times

Economic Times · 1y ago

Boost to entrepreneurship, bid to curb speculation a hard balance

The budget brings both good and bad news for the capital markets and entrepreneurial ecosystem. Changes in the securities transaction tax (STT) aim to reduce speculative activity, making trading futures and options costlier. Capital gains tax has also increased, potentially impacting larger investors. On the positive side, the budget introduces measures to support small businesses, improve education and skilling, and make investing in startups more attractive. The removal of the 'angel tax' on startup investments is particularly beneficial. Striking a balance between reducing speculation and supporting entrepreneurship is crucial for economic growth.

Small Caps, Big Gains: 60 stocks deliver double-digit returns as markets hit a fresh high

Money Control

Money Control · 1y ago

Small Caps, Big Gains: 60 stocks deliver double-digit returns as markets hit a fresh high

Despite mixed signals in the global market, Indian benchmark indices recorded gains this week. The Sensex and Nifty50 both reached record highs, with the IT and private banking sectors showing notable recovery. The Nifty Energy, Nifty Oil & Gas, and Nifty Information Technology indices performed well, while the Nifty Realty, Nifty Media, and Nifty Metal indices experienced declines. Foreign institutional investors (FIIs) continued to acquire equities, further supporting the market. Attention will now turn to the release of US and Indian manufacturing data, the Fed Chair's speech, and the upcoming union budget proposals.

A Guide To Tax Laws For Angel Investors, Startup Founders And VCs

Inc42 · 10m ago

A Guide To Tax Laws For Angel Investors, Startup Founders And VCs

SUMMARY The Budget 2024 has made changes to the tax rates on long-term capital gains, reducing it to 12.5% from 20%, making slump sale transactions more attractive for companies. In a positive move for startups, the angel tax has been abolished in the latest budget. Additionally, the tax burden for buyback transactions has shifted from companies to investors, effective from October 1. These changes aim to support the startup ecosystem and simplify tax processes for businesses.

Sensex, Nifty log highest closing levels in nearly four months

VCCircle

VCCircle · 3m ago

Sensex, Nifty log highest closing levels in nearly four months

India's benchmark indexes, Sensex and Nifty, hit their highest closing levels in nearly four months due to gains in financials after the central bank relaxed deposit buffer rules. Sensex rose 0.24% and Nifty 0.17%, marking their sixth consecutive session of gains. RBI's measures are expected to increase banks' net interest margin and net profit. Meanwhile, bank and consumer stocks saw gains, whereas IT stocks slightly declined. IndusInd Bank dropped due to audit concerns.

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