Budget 2024 Sensex Crash Live: Sensex Declines 500 Points, Nifty Hits 24320; Markets Recover from Early Lows – Live Updates

Budget 2024 Sensex Crash Live: On July 22, DIIs sold shares worth ₹1,652.34 crore net, while foreign investors purchased shares worth ₹3,444.06 crore net.

Budget 2024 Sensex Crash Live Updates:

Stocks and currencies in Asia advanced as calmness returned following recent political uncertainty. Traders are now focusing on upcoming tech earnings.

The MSCI Asia Pacific Index ended a three-day decline, led by a rebound in Taiwanese shares. This followed a 1.1% rise in the S&P 500, with earnings reports from Tesla Inc. and Alphabet Inc. anticipated later on Tuesday. Asian currencies strengthened against a softer dollar.

Markets are taking a pause after high valuations and sectoral rotations triggered a significant tech selloff in recent sessions. While U.S. election developments continue to make headlines, Kamala Harris has secured enough pledged delegates to likely win the Democratic presidential nomination, bringing some clarity to the political landscape.

“Risk sentiment and Democratic support for Kamala Harris seem to be stabilizing,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “What remains to be seen is whether a bull rotation will extend gains beyond the ‘Magnificent 7’ to smaller-cap stocks.”

Hong Kong and mainland Chinese stocks fell due to broad disappointment following the Third Plenary Session, with a surprise rate cut on Monday failing to lift sentiment.

The yen gained ahead of the Bank of Japan’s policy meeting next week. Some BOJ officials are considering a rate hike, though concerns about consumer spending complicate the decision, according to sources familiar with the matter.

A Bloomberg gauge of the dollar fell for the second consecutive session. Treasury yields edged lower as markets await this week’s economic data and the Federal Reserve’s preferred inflation gauge. Shorter-term bonds have risen in anticipation of a September rate cut, narrowing the gap with longer-term maturities.

In the corporate sector, Kako Corp. shares dropped after South Korean authorities arrested its founder, Brian Kim, on market manipulation charges, making him one of the most notable business figures in recent years to face jail time.

In India, Finance Minister Nirmala Sitharaman will present the budget on Tuesday, outlining the economic priorities of Prime Minister Narendra Modi’s new coalition government.

Earnings Awaited

This week, earnings reports are expected from SK Hynix Inc., Contemporary Amperex Technology Co., and Keyence Corp.

According to Bloomberg’s Markets Live Pulse survey, nearly two-thirds of respondents anticipate that earnings will rejuvenate the U.S. benchmark. The “Magnificent Seven” index rose more than 2% on Monday, driven by gains in Tesla and Nvidia Corp.

After driving the U.S. stock rally for most of the year, big tech stocks hit a wall last week. Investors rotated from high-flying megacap shares to riskier, lagging market segments, influenced by Fed rate cut expectations and concerns over additional trade restrictions on chipmakers.

In commodities, oil prices remained steady near a six-week low as traders awaited fresh insights into market balances and U.S. stockpile forecasts.

Stay updated with the latest news on Budget 2024, including income tax slabs, impact on the share market, key highlights, and corporate reactions.

Share Market Budget 2024 Live:

Karthik Srinivasan, Chief Business Officer of HDB Financial Services, comments on the Budget 2024 announcement by FM Nirmala Sitharaman:

“Today’s budget announcement marks a transformative moment for Bharat, especially for our dynamic MSME sector. The government is establishing a strong foundation for MSMEs by addressing working capital needs, setting up food irradiation units, quality testing labs, and e-commerce export hubs. These measures are designed to enable small and medium enterprises to grow, compete on a global scale, and contribute to economic development.

The introduction of a comprehensive credit guarantee scheme, alongside significant provisions for long-term interest-free loans to states, reflects a commitment to building an aspirational India. This integrated approach will enhance MSME financial stability, foster innovation, create jobs, and boost exports. By encouraging states to support infrastructure development, these initiatives will ensure balanced regional growth.

These efforts will unlock new opportunities for MSMEs, driving Bharat towards a more inclusive and prosperous future.”

— Karthik Srinivasan, Chief Business Officer, HDB Financial Services