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Indian markets opened lower on Wednesday following the Union Budget announcement with the Sensex dropping over 500 points and Nifty 50 falling 156 points as of writing. The decline was primarily attributed to the proposed hike in long-term capital gains tax from 10% to 12.5% which market watchers criticized as potentially discouraging savings and investments. As of writing the BSE Sensex is down 567.36 points at 79,861.68 while the NSE Nifty is down 146.05 points to 24,332.
The Nifty 50 needs to break above 24,854 recent higher high for a bullish outlook after yesterday candle closed as a long-legged bullish candlestick. Will it recover and continue bullish trend?
Bajaj Finserv led the losers opening at 1,600.60 and hitting a high of 1,611.90 before dropping to a low of 1,562.00. The stock's last traded price is at 1,570.90 which is down 2.96% from its previous close of 1,618.85.
Axis Bank which is releasing its Q1 FY24-25 earnings today opened at 1,262.90 and reached a high of 1,267.35 before falling to 1,226.65. Its LTP stands now at 1,229.10 which is a 2.70% decrease from the previous close of 1,263.25.
Bajaj Finance also sees its stock open at 6,630.00, peaking at 6,654.70 before declining to 6,541.05. The LTP was 6,584.90 down 2.11% from yesterday's close of 6,727.10.
Tata Consumer Products opened at 1,257.00, hitting a high of 1,257.70 and a low of 1,217.40. Its LTP is now 1,230.85 which is a 2.07% drop from the previous close of 1,256.90.
Bharti Airtel started the day at 1,466.00, reached 1,475.60 before falling to 1,436.55. The stock is currently trading at 1,438.15 which is down 1.88% from its last close of 1,465.70.
Hindustan Unilever opened at 2,748.00, touched a high of 2,757.45 and a low of 2,675.10. Its current trading price is at 2,714.55 which is a 1.87% decrease from the previous close of 2,766.35.
Britannia Industries began trading at 5,949.40, reaching 5,974.40 before dropping to 5,815.15 as the current price stands at 5,835.60 which is down 1.84% from yesterday's close of 5,944.75.
State Bank of India opened at 864.20, hitting a high of 868.00 and a low of 847.20. Its now currently trading at 849.25, a 1.70% drop from the previous close of 863.90.
IndusInd Bank started at 1,409.80, reached 1,412.50 before falling to 1,387.05. The stock last traded price is 1,389.60 which is down 1.67% from its last close of 1,413.20.
Hero MotoCorp opened at 5,513.00, maintaining that level as its high before dropping to 5,410.30. As of writing its trading at 5,422.15, a 1.66% decrease from the previous close of 5,513.55.
