Sensex, Nifty edge lower as tax hike on capital gains dents sentiment
Union Budget, Indian benchmark equity indices opened marginally lower on Wednesday, weighed down by index heavyweights Reliance Industries, banking, and financial stocks.
The BSE Sensex was trading 37 points, or 0.05%, lower at 80,396. The Nifty50 was down 28 points, or 0.11%, trading at 24,451 around 9:20 am.
Meanwhile, Tuesday, the blue-chip indices slipped up to 1.6% after the government hiked the tax rate for capital gains from equity investments and equity derivatives trades.
However, they erased most of the losses helped by a jump in consumer stocks after the government announced Rs 2.66 lakh crore for rural programmes in its Union Budget.
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From the Sensex pack, HUL, Bajaj Finance, Nestle India, JSW Steel, UltraTech Cement, Power Grid, Reliance Industries, and IndusInd Bank opened in the red, while ITC, Titan, Tata Motors, Tech Mahindra, and NTPC opened with gains.
HUL shares fell over 2.5% in early trade after the company reported its Q1 FY25 net profit rose 3% YoY to Rs 2,538 crore from Rs 2,472 crores in Q1FY24.
Meanwhile, shares of Bajaj Finance declined 2% despite the non-bank lender reported higher June quarter profit on loan growth.
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