Despite high expectations from the stock market on February 1, the markets fell flat on the Budget 2024 day with Sensex falling over 100 points during close. Meanwhile, NSE Nifty also recorded a small decline on Thursday.

On Thursday, BSE Sensex declined by 106.81 points to settle at 71,645.30 while NSE Nifty dipped 28.25 points to 21,697.45 at 3:30 pm.

During the initial trading hours, the markets oscillated between highs and lows. The 30-share BSE Sensex declined 139.37 points to 71,612.74 points in the noon trade, finally settling at 71,645 at 3:30 pm when the markets closed.

This comes on the same day when Finance Minister Nirmala Sitharaman presented the interim Budget 2024 in the Parliament, announcing a short term plan for the country’s economy ahead of the 2024 Lok Sabha elections.

The interim Budget for the upcoming fiscal year increases spending on construction projects and building homes for poor villagers. It cuts the government’s deficit by reducing subsidies.

The top gainers of the day on Nifty 50 were Maruti Suzuki, Cipla and Power Grip Corp. Maruti saw a spike of nearly 5 percent at close, while the other two rose by over 2.5 percent each.

Further, the top laggards of the day were UltraTech, Larsen and Grasim, all falling by over 2 percent as the trading hours came to an end on Thursday.

Overall, the Budget 2024 day saw the markets fall flat amid high expectations from certain sectors.

Budget 2024 highlights

Finance Minister Nirmala Sitharaman on Thursday hiked capital expenditure by 11 per cent for the next fiscal to sustain world-beating economic growth rate while trimming the deficit in a reform-oriented interim Budget that also gave relief to common man from disputed small tax demands of up to ₹25,000.

Presenting a vote on account or an interim Budget for 2024-25, Sitharaman proposed no changes in income tax rates for individuals and corporates, as well as customs duty.

In less than an hour-long budget speech, she presented the Modi government’s achievements in the last 10 years that transformed India from being a ‘fragile’ economy to the world’s fastest-growing major economy.

(With inputs from PTI)