Source: https://www.livemint.com/market/stock-m ... 23512.htmlStock Market News: The domestic benchmark indices, the Sensex and the Nifty 50, began lower on Monday, led by Reliance Industries Ltd (RIL) and Wipro after both businesses reported weaker-than-expected quarterly results, as volatility rose a day before the unionbudget was scheduled.
The Nifty 50 declined 0.16% to 24,490.55, while the Sensex fell 0.10% to 80,513.24 at 9:50 IST.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that the market will trade carefully leading up to the Budget. The pressure on the broadermarket is expected to persist since there is more room for profit-taking.
Vijayakumar went on to say that the market anticipates a favourable budget that is growth-oriented and financially cautious, with middle-class income tax reliefs. The market also anticipates the Long Term Capital Gains tax to remain unchanged. If these regions fail to meet expectations, the market may respond unfavourably. On the other side, if the budget meets expectations, vigorous retail purchasing might drive the market to new highs.
President Biden's decision to withdraw from the presidential campaign is unlikely to have an impact on the market right now. The market will wait for further clarity on Trump's prospects of winning.
The Sensex and the Nifty 50, plummeted on Friday as investors scrambled to book profits following a four-day record-breaking rise and a global sell-off spurred by an IT breakdown that caused gadgets to collapse worldwide. Drop in blue-chip Reliance Industries also plunged the benchmarks.
The Sensex touched a new all-time high of 81,587.76 in the initial phase of trading but failed to maintain the winning momentum, plummeting 738.81 points or 0.91% to end below the 81,000 level at 80,604.65. During the day, it dropped 844.36 points, or 1.03%, to 80,499.10.