Stock Market Budget 2024 Highlights: Paytm Crashes, HDFC Bank Gains; Top Stocks Before Budget

Shares of Shree Cement have witnessed a 5.88 per cent increase, reaching Rs 30,234.15, following the company's announcement of its Q3 results. In the December quarter, Shree Cement reported a significant growth in standalone net profit, recording a 165 per cent increase at Rs 734 crore. This growth can be attributed to improved realisation and cost reduction amid robust demand growth. Additionally, the revenue from operations showed a substantial 20 per cent growth, reaching RS 4,901 crore.  

Defence stocks are experiencing mixed trading in the afternoon session following Finance Minister Nirmala Sitharaman's announcement of an increased budget allocation for the defence sector in FY25. The allocation has been raised to Rs 6.22 lakh crore, as revealed in the FM's Interim Budget 2024 speech, according to Zee Business. The market is witnessing varied reactions among defence stocks in response to this development.     

Finance Minister Nirmal Sitharaman on Thursday announced the setting up of three new major railway economic corridors.“These include the energy, mineral and cement corridor, a port connectivity corridor and a high traffic density corridor,” she said while presenting the Interim Budget in the Lok Sabha.

The government will expand the electric vehicle ecosystem by supporting charging and manufacturing infrastructure in the country, Finance Minister Nirmala Sitharaman said on Thursday.

Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also noted that usage of electric buses for public transport networks will be encouraged.

In a landmark announcement during the presentation of the Interim Budget 2024-25, Union Finance Minister Nirmala Sitharaman revealed the government's ambitious plan to create a corpus of Rupees One Lakh Crore to propel private investment in sunrise technologies.      

Conversely, L&T (Larsen & Toubro), Bharti Airtel, and UltraTech Cement are among the top drags in the market.           

Maruti Suzuki, TCS (Tata Consultancy Services), and SBI (State Bank of India) are among the top movers in the Nifty index. 

Presenting a vote on account or an interim budget for 2024-25, Sitharaman proposed no changes in income tax rates for individuals and corporates, as well as customs duty.

India is targeting to generate 500 billion rupees (approximately $6 billion) through equity stake sales in the fiscal year 2024/25. This strategy is part of the government's financial initiatives, although the privatization of state-run companies is being deprioritized in the lead-up to the general elections scheduled for this summer. The government had to revise down its stake sale target for the current fiscal year to 300 billion rupees from the initial goal of 510 billion rupees. This adjustment was made due to the delay in the execution of its most significant divestment plan for the year, as revealed in the budget documents released on Thursday.

At 12 pm on Thursday, the NSE Nifty registered a marginal increase of 0.03%, equivalent to 5.95 points, reaching 21,731.65 points. Similarly, the BSE Sensex exhibited a modest rise of 0.04%, adding six points to reach 71,806.44. Among the actively traded stocks, a total of 3,820 were in play, with 1,722 advancing, 1,962 declining, and 136 remaining unchanged. Notably, 397 stocks reached a 52-week high, while 13 stocks touched a 52-week low during this period.

Stocks like Suzlon, Adani Green, and Borosil Renewables are likely to book gains today.

On Thursday, Indian shares relinquished early gains as the country's finance minister presented the interim budget without the anticipated major announcements ahead of the general election. As of 12:00 p.m. IST, the NSE Nifty 50 index and the S&P BSE Sensex remained largely unchanged, having shown approximately a 0.3% increase before the budget presentation.        

Railway stocks are experiencing a mixed trend following Finance Minister Nirmala Sitharaman's significant announcements related to train facilities in India during her Interim Budget 2024 speech. The FM stated that the central government plans to construct three railway corridors dedicated to energy, minerals, and cement. A crucial revelation included the conversion of 40,000 railway coaches to meet the Vande Bharat standard. Simultaneously, the expansion of Metro Rail to other cities was also highlighted.

Nifty and Sensex are trading flat after the Budget speech.  

Govt to raise Rs 14.13 lakh crore for market by issuing dated securities during 2024-25, says FM.

PSU Sector likely to gain after FM Nirmala Sitharaman's Budget Speech. Top stocks to watch remain- IRFC, PFC, ONGC.

Markets are in the green before the Interim Budget 2024 with the Sensex up more than 200 points. Sensex is trading at 72,025.83 points up by 273.72 points. Shares of Powergrid are up by more than 4 per cent, Maruti by 4 per cent, NTPC by 2 per cent. 

Finance Minister Nirmala Sitharaman stated on Thursday that the government is poised to implement next-generation reforms, fostering growth. She expressed optimism that the next five years will be characterized by unprecedented development, marking golden moments in the pursuit of realizing the vision of a developed India by 2047. 

Capital spending for 2024-25 raised by 11 per cent to Rs 11.11 lakh crore or 3.4 per cent of GDP: FM.

• The government has successfully lifted 250 million people out of poverty over the past decade.
• The crop insurance scheme has provided benefits to 40 million farmers.
• The India Skill Mission has trained 14 million workers, enhancing their skills and employability.
• Government initiatives have extended small loans to 225 million households, contributing to financial inclusion.
• Small loans have also been extended to 300 million women-led enterprises in the past 10 years.
• Notably, inflation has been effectively moderated, and economic growth has shown positive trends.
• Tax reforms have played a crucial role in expanding the tax base and increasing overall tax collections.
• Proactive inflation management strategies have successfully kept inflation within the target band of 2%-6%.
• The average real income of the population has witnessed a significant 50% increase.
• The forthcoming five years are anticipated to witness unparalleled economic growth.
• The government plans to undertake next-generation reforms in consultation with states.
• A notable initiative is the government's commitment to subsidize the construction of 30 million affordable houses.