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If you look at the internals of the numbers, the fact that they consolidated 20 basis points more than the interim budget, they gave up about close to Rs 500 billion worth of space they were spending. Further, the projection for GDP at 10.5% growth is a tad below what most would have expected.

Some of this could be attributed to the fact that many managers had built up cash reserves ahead of the election and may now be entering the market, as the event is behind us.

The stock quoted a 52-week high price of Rs 733.55 and a 52-week low of Rs 463.5.

The Nifty Auto index closed 0.58 per cent up at 26580.95.

Microsoft reported slower growth in its cloud business, leading to a $340 billion market value loss for itself and other tech giants like Amazon and Meta. However, AMD and Nvidia benefited as their AI chips saw solid demand. Rising costs in AI infrastructure have increased investor concerns, impacting the overall market sentiment.

The S&P 500 and Nasdaq closed lower due to weak chip stocks and major tech shares, while the Dow saw modest gains. Microsoft and NVIDIA shares dropped ahead of key tech earnings. Financials and energy outperformed as market expectations grew for a Federal Reserve rate cut this year owing to moderating inflation signs.

SEBI proposed raising the minimum contract size for index derivatives and limiting weekly index product offerings to restrict risky speculation among retail investors. The regulator also plans to mandate upfront premium collection and increase margins on options. These measures aim to reduce speculative trading and bring down derivatives market turnover.

Sebi chief Madhabi Puri Buch reported annual household losses of about ₹60,000 crore in derivatives trades, suggesting these funds could be better utilized in IPOs and mutual funds. She emphasized regulating the expanding futures and options market and maintaining separate KYC systems to avoid contamination issues like those that affected Paytm.

The Securities and Exchange Board of India proposed relaxing disclosure norms for large foreign portfolio investors from neighboring countries. Sebi recommended setting a threshold for disclosure requirements. If entities from LBCs or non-LBCs hold more than 50% or 67% of the assets, FPIs will be exempt from providing granular details.