Stock Market Crash After Budget 2024: Sensex Falls 1200 points, Investors Lose Rs 10 Lakh Crore

Stock Market Crash After Budget 2024: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2024 today, laying out the economic priorities of the government led by Prime Minister Narendra Modi. The budget is expected to cut taxes for the middle class and provide relief to rural areas. MK economist Madhavi Arora said, "Weak political capital, uneven growth story, low consumption and private capital expenditure and lack of enthusiasm in the rural sector form the backdrop of the upcoming budget."

After the budget announcement, a big decline is being seen in the stock market. While the Sensex is seeing a decline of one and a half percent. At the same time, Nifty is seen trading with a decline of 1 percent during the trading session. According to experts, the stock market may see further decline. Shares of the country's largest company Reliance Industries are seeing a decline of more than 2 percent. At the same time, SBI is seeing a decline of about two percent and L&T's stock is seeing more than 4 percent.

Stock Market: Big fall in Sensex and Nifty

After the budget announcement, both the major stock market indexes Sensex and Nifty saw a big decline. Bombay Stock Exchange's major index Sensex fell by about 1200 points to 79224.32 points. By the way, Sensex opened at 80,724.30 points. At the same time, Nifty is also seeing a decline of about one percent. Nifty was seen trading at 24,276.60 points with a decline of 232.65 points. By the way, Nifty opened at 24,568.90 points.

Which Stock Saw a big decline

The stock of the country's largest company Reliance Industries has seen a decline of about two percent on the Bombay Stock Exchange. Due to which the share price of the company reached Rs 2927.10. On the other hand, L&T shares have seen a decline of more than 5 percent. ONGC and Shriram Finance shares are seeing a decline of more than 3 per cent. Hindalco and Bajaj Finance shares are seeing a decline of more than 2.50 percent.

Huge losses to investors

Due to this decline in the stock market, investors have suffered a loss of about Rs 10 lakh crore in a few hours. The loss and profit of investors is linked to the market cap of BSE. A day earlier, the market cap of BSE was Rs 4,48,32,227.50 crore, which fell to Rs 4,38,36,540.32 crore during the trading session. This means that investors have suffered a loss of about Rs 10 lakh crore. Currently, the market cap of BSE is seen at Rs 4,43,28,902.63 crore.

Earnings Awaited

Earnings coming in the sector this week include SK Hynix Inc., Contemporary Amperex Technology Co. and Keyence Corp.

About two-thirds of respondents to Bloomberg's Markets Live Pulse survey expect earnings to inject new life into the U.S. benchmark. The gauge of the "Magnificent Seven" climbed more than 2% on Monday, led by gains in Tesla and Nvidia Corp. After driving the rally in U.S. stocks for much of the year, big tech companies declined last week.

Investors turned away from high-flying megacap stocks to riskier, laggard parts of the market as they bet on a Fed rate cut and the threat of more trade restrictions on chipmakers. In commodities, oil held steady near a six-week low as traders awaited fresh cues on market balance, including the outlook for U.S. stockpiles.