Sensex, Nifty end lower amidst continued post-budget profit-booking

Indian markets experienced a decline on Thursday, following the government’s proposal to increase the capital gains tax and hike the Securities Transaction Tax (STT) for futures and options (F&O) transactions in the Union Budget.

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The Nifty 50 index closed 65 points lower at 24,413.50, while the BSE Sensex dropped by 280 points to 80,148.88. Despite the overall downturn in these benchmark indices, the broader market on the National Stock Exchange saw gains across all indices except the Nifty 50 and Nifty 100.

This divergence in performance between the benchmark indices and the broader market reflects varied investor sentiment in response to the budgetary announcements and the ongoing earnings season. Sectoral indices such as Nifty Bank, Nifty Financials, Nifty Auto, and Nifty FMCG posted losses. In contrast, the Nifty Realty sector recovered by 0.78 percent after a sharp decline of more than 2 percent on budget day due to the removal of the indexation benefit.