Share Market Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman is all set to present the budget for the seventh consecutive time today, and the markets are bracing for a day of volatility. Investors are closely watching the finance minister’s speech, as it will provide insights into the government’s direction in terms of capital expenditure and ease of doing business.
The Indian markets have been experiencing consolidation and volatility in recent days, with investors strategically positioning themselves to capitalize on expected government announcements. The Budget session commenced on 22 July, and FM Sitharaman is scheduled to deliver the budget speech at 11 am on Tuesday, 23 July.
In terms of numbers, the Gift Nifty futures were trading at 24,723.50, compared to Nifty 50’s Monday close of 24,509.25. Meanwhile, Asian stocks rebounded from one-month lows, with Taiwan’s market breaking a five-day losing streak, driven by semiconductor shares following a Wall Street recovery.
Japan’s Nikkei also stabilized, supported by chip stocks, while the S&P 500 and Nasdaq in the US saw gains as stocks that had been heavily sold off rebounded. Investors are now looking ahead to earnings reports from Tesla and Alphabet.
In Taiwan, the benchmark index surged in early trade, with chipmaker TSMC leading the gains. South Korean chipmakers Samsung and SK Hynix also rebounded, despite political risks, as traders focused on strong demand.
In bond markets, US yields ticked up overnight and remained steady in Asia, with benchmark 10-year yields at 4.25% and two-year yields at 4.51%. The market has priced in two US rate cuts for the second half of the year, impacting the dollar.
China’s surprise interest rate cuts on Monday and concerns over economic outlook have put pressure on commodities, with Dalian iron ore and Shanghai copper futures trading at multi-month lows. Brent crude futures also hit a one-month low.
The Australian and New Zealand dollars have weakened, but analysts anticipate a rebound. The euro and yen remained steady against the dollar, while China’s yuan held firm.
Overall, the markets are poised for a day of significant movements as investors await the budget announcements and navigate global economic trends. Stay tuned for more updates on the Share Market Budget 2024 Live.
