Mumbai Stock Market Rises as Union Budget 2024 Announcement Nears
The Mumbai stock market opened on a positive note on Tuesday, with the Sensex rising by 173.80 points to 80,675.88 and the Nifty climbing 51.95 points to 24,561.20. Among the Nifty companies, 40 showed advances, while 9 registered declines.
Top Gainers and Losers
Top gainers included Ultratech Cement, HDFC Life, Eicher Motors, Bajaj Finserv, and Grasim. On the other hand, ONGC, HDFC Bank, Power Grid, Hindalco, and Bajaj Auto were the major losers.
Expert Advice
Ajay Bagga, a market and banking expert, advised caution in the Indian markets until the Union Budget 2024 announcement is made later today in Parliament by the Finance Minister. He stated, “The contours of the Budget should remain on expected lines, with a continued focus on balancing growth impulses with welfare measures.”
Bagga also mentioned that the Union Budget will outline the vision for the next 5 years and for the centennial of the modern Indian Republic in 2047. He emphasized that any tax changes will be closely watched for their impact on consumption and that markets will scrutinize the sector-wise impact of the Budget measures, especially in infrastructure creation.
Global Market Trends
Bagga noted that US markets had staged a strong recovery led by Big Tech stocks and that Asian markets were also up, following the US market’s lead. He reiterated the need for caution in the Indian markets until the Union Budget announcement.
Looking Ahead
As the day progresses, all eyes will be on the Union Budget announcement, which is expected to set the tone for the market’s direction and economic policy for the coming years. Investors and analysts are eagerly awaiting the details that could shape the future of India’s financial landscape.
Doubts Revealed
Mumbai Stock Market -: The Mumbai Stock Market is a place where people buy and sell shares of companies. It’s like a big marketplace for trading company stocks.
Sensex -: Sensex is a number that shows how well the top 30 companies listed on the Bombay Stock Exchange (BSE) are doing. If the Sensex goes up, it means these companies are doing well.
Nifty -: Nifty is another number that shows how well the top 50 companies listed on the National Stock Exchange (NSE) are doing. It’s similar to the Sensex but includes more companies.
Ultratech Cement -: Ultratech Cement is a big company in India that makes cement, which is used for building houses and other structures.
HDFC Life -: HDFC Life is a company in India that provides life insurance, which helps people financially if something bad happens to them.
ONGC -: ONGC stands for Oil and Natural Gas Corporation. It’s a company in India that finds and produces oil and gas.
HDFC Bank -: HDFC Bank is one of the largest banks in India. It provides various banking services like saving money, giving loans, and more.
Ajay Bagga -: Ajay Bagga is a market expert, which means he knows a lot about how the stock market works and gives advice to people on investing.
Union Budget 2024 -: The Union Budget 2024 is a plan made by the Indian government about how it will spend money and collect taxes for the year 2024. It affects many things like schools, roads, and taxes.
Tax changes -: Tax changes are adjustments made by the government to the amount of money people and companies have to pay to the government. These changes can affect how much money people have to spend.
Infrastructure -: Infrastructure means the basic physical systems of a country, like roads, bridges, and schools. Good infrastructure helps a country run smoothly.
