Stock Market Live Updates for July 23, 2024: Sensex and Nifty React to New Budget Proposals
Tuesday, 23 July 2024, 03:00
Stock Market Overview
The Indian benchmark indices opened flat but soon dropped sharply. The Sensex fell by 1229.67 points, or 1.53%, to settle at 79,272.41 by early afternoon, while the Nifty 50 decreased 409.35 points, or 1.67%, reaching 24,099.90.
Key Budget Announcements
- Personal income tax relief for four crore salaried individuals and pensioners.
- Standard deduction increased from Rs 50,000 to Rs 75,000.
- Family pension deduction enhanced to Rs 25,000.
- Revised tax rates include 0% for income up to Rs 3 lakh and 30% for income above Rs 15 lakh.
- Projected revenue loss for the government of Rs 7,000 crore.
Investment Regulation Changes
- Angel tax abolished for all startup investors.
- Introduction of Vivad Se Vishwas Scheme 2024 to minimize tax litigation.
- Capital gains exemption limit raised to Rs 1.25 lakh annually for eligible classes.
- Increased Securities Transaction Tax (STT) rates on F&O of securities.
Conclusion
The budget provisions aim to ease tax burdens on individuals while enhancing revenue collection through revised regulations. As a result, both Sensex and Nifty are reacting negatively, indicating investor caution amidst these changes.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.