Sensex and Nifty Plunge After FM Sitharaman's Budget Announcement

Stock market benchmarks Sensex and Nifty fell significantly after Finance Minister Nirmala Sitharaman announced a hike in Securities Transaction Tax on Futures and Options securities while presenting the Union Budget 2024-25. Amidst initial gains, both indices saw a sharp decline with Sensex dropping 1,266.17 points and Nifty falling 435.05 points.

Stock market benchmarks Sensex and Nifty experienced a sharp decline after Finance Minister Nirmala Sitharaman announced an increase in Securities Transaction Tax (STT) on Futures and Options (F&O) securities during her Union Budget 2024-25 presentation.

The 30-share BSE Sensex initially rose as Sitharaman began her speech but soon reversed course, plummeting 1,266.17 points to 79,235.91 during the afternoon trade. Similarly, the NSE Nifty saw early gains before volatile trends led it to decline by 435.05 points to 24,074.20.

Key indices had shown positive movement early on, with Sensex climbing 264.33 points to 80,766.41 and Nifty rising 73.3 points to 24,582.55. Sitharaman's announcement of raising the capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for the middle and upper middle class prompted mixed market reactions.