Last Updated: July 23, 2024, 07:48 IST
Stock Market Live: Indian benchmark equity indices closed slightly lower on Monday, weighed down by Reliance Industries and Wipro following their weaker-than-expected quarterly results. Market volatility increased with the budget announcement just a day away.
“Although the budget is anticipated to be favourable, investors will closely monitor whether it continues to tickle traction, given high valuations and the risk of a downgrade in earnings,” said Vinod Nair, Head of Research, Geojit Financial Services.
Global Cues
Global markets made solid gains after President Joe Biden dropped out of the 2024 presidential election Sunday and endorsed Vice President Kamala Harris as the Democratic nominee.
European stocks saw an uptick and markets in the US closed higher following Biden’s announcement.
The Dow ended Monday higher by 128 points, or 0.3%. The S&P 500 closed up 1.1% and the Nasdaq gained 1.6%.
European markets also closed higher, and Asian markets closed mostly lower. US Treasuries rose slightly, trimming yields, and the dollar was softer against major currencies.
Much of Monday’s gain came from a rebound in tech stocks. Nvidia gained 4.8% while chipmaker Advanced Micro Devices was up 2.8%.
Shares of CrowdStrike, the cybersecurity firm behind a crippling global tech outage on Friday, plunged 13.5%. The stock has lost 27% of its value since Thursday.
Stay informed with our comprehensive coverage of Union Budget 2024. Get the latest on new income tax slab rates for AY 2024-25 in Income Tax Slabs Budget 2024 LIVE Updates . Track the impact of Budget 2024 on the stock market in Stock Market Budget Day 2024 LIVE Updates.