Latest Stock Market News

The Indian rupee slipped to record lows on Tuesday as the government raising tax rates for capital gains from equity investments and on equity derivative trades hurt market sentiment.

Real Estate Investment Trusts (REITs) are likely to gain more acceptance among investors who can now look at faster liquidity as the budget proposed to reduce the holding period for long-term capital assets from 36 months to 12.

The rupee weakened to an all-time low versus the US dollar due to a fall in stock markets after Finance Minister Nirmala Sitharaman proposed to increase tax rates on long-term capital gains (LTCG) and short-term capital gains (STCG).

Crypto startups expressed disappointment with Budget 2024, as they had anticipated tax rate cuts on virtual digital assets (VDAs). Union Finance Minister Nirmala Sitharaman made no announcements regarding crypto taxes in the Budget, which the crypto industry views as a missed opportunity to support crypto startups and investors.

For investors, fundamentals have improved with fiscal consolidation, with investment focus continuing and hopefully better employment generation, growth will be sustained. The valuation impact of the Budget on the market will be far more than the diluting effect of increased taxation. Overall, the India growth story continues and instead of tips, do SIPs, Nilesh Shah

Nasdaq-listed online travel service provider MakeMyTrip Ltd on Tuesday reported a profit of USD 21 million for the June quarter. The company said its June quarter profit included income tax expenses of USD 8.5 million due to a reversal of the deferred tax assets.

Defense stocks, both public and private, experienced sharp declines following the budget announcement, with PSU heavyweights like Hindustan Aeronautics Limited, Bharat Dynamics, and Mazagon Dock Shipbuilders plunging 10% intraday. Private sector counterparts Paras Defence and Space Technology, and Krishna Defence and Allied Industries also saw 5% drops.

FMCG major Hindustan Unilever (HUL) reported a net profit of Rs 2,538 crore for the quarter ending June 30, 2024, which closely matched the Street estimate of Rs 2,541 crore. This represents a 3% year-on-year growth compared to the corresponding quarter last year.