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GIFT Nifty: The Nifty 50 index is expected to open 3.50 points lower based on GIFT Nifty futures. Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 in the Lok Sabha today, 23 July 2024. This highly anticipated Union Budget 2024 will serve as a pivotal economic roadmap for the Modi 3.0 government, aiming to propel India towards becoming a developed nation, 'Viksit Bharat', by 2047. The pre-Budget Economic Survey, presented by Sitharaman in Lok Sabha on Monday, has outlined a conservative growth forecast of 6.5 to 7% for the current fiscal year. Foreign portfolio investors (FPIs) bought shares worth Rs 3,444.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,652.34 crore in the Indian equity market on 22 July 2024, provisional data showed. FPIs have bought shares worth over Rs 25,108.69 crore in July 2024 (so far). They bought shares worth 2037.47 crore in June 2024. Global Markets: Asian stocks rebounded from one-month lows on Tuesday, mirroring a Wall Street rally fueled by strong earnings reports from major tech companies. Taiwan's market, led by semiconductor stocks, snapped a five-day losing streak. This surge follows gains on Monday in the US, where the S&P 500 rose over 1% and the tech-heavy Nasdaq jumped 1.6%. Both indexes were recovering from their worst weekly performance since April. Investors seemed unfazed by the news of President Biden exiting the presidential race, instead focusing on upcoming earnings reports from tech giants Tesla and Alphabet. Both companies' stocks saw significant gains on Monday. Domestic Market: Domestic stocks ended almost flat Monday as investors remained cautious ahead of tomorrow's Union Budget, opting to wait and see before making any major moves. Despite early gains, the Nifty50 couldn't hold onto momentum and closed below 24,550. While some sectors like auto and healthcare saw a rise, others like oil & gas and realty declined. This cautious approach reflects the dual impact of the conservative economic growth projection and recent underwhelming corporate earnings reports. The budget is expected to be positive, but high valuations and potential downgrades in earnings growth keep investors on edge. The barometer index, the S&P BSE Sensex, was down 102.57 points or 0.13% to 80,502.08. The Nifty 50 index shed 21.65 points or 0.09% to 24,509.25. Powered by Capital Market - Live News |