Budget 2024: Over the past few months, there has been a steady increase in the stock markets of India. According to brokerage firm Jefferies, this increasing tendency is expected to continue. On Tuesday, July 23, Finance Minister Nirmala Sitharaman will make the Union Budget 2024–25 presentation. The domestic stock market is anticipating significant developments with great anticipation at the same time. The day of the interim budget in February 2014 saw a 0.48 percent increase in the Sensex.
2024 Budget: Will the market decline?
The Indian stock market is still in the early phases of creating robust equity, according to Christopher Wood, Global Head of Equity Strategy at Jefferies, despite the recent strong surge. Any alteration to the capital gains tax on equity, which is expected to be disclosed on July 23, might result in a notable improvement in the market, as demonstrated by the outcomes of the Lok Sabha elections on June 4.
Investors in mutual funds and retail will be key to the market.
Wood thinks the stock market will be strengthened by the increasing number of regular investors, particularly in mutual funds. Using the stock market as an example, he stated that it had quickly recovered despite the BJP’s electoral defeat. Since June 4, there has been a gain of 13.3%. This rapid rebound demonstrates the increasing power of individual investors, who have persisted in making purchases even in the face of the sell-off.
A article published in Business Today claims that the Indian stock market is evolving. By the conclusion of FY24, the combined stake of mutual funds and retail investors had grown from 16.6% at the end of FY21 to 18.4%. By comparison, during the same period, the stake held by foreign institutional investors (FIIs) decreased from 22.1% to 19.9%.
How has the stock market performed on budget day over the past ten years, please?
2014 Budget
Arun Jaitley, the finance minister at the time, unveiled the whole budget on July 10 when PM Modi established his first government following the interim budget in 2014. The Sensex ended the day of the budget with a 0.28 percent decrease.
2015 Budget
On February 28, the Union Budget was presented by Arun Jaitley, who was Finance Minister at the time. The Sensex ended the day of the budget with a 0.48 percent rise.
2016 Budget
This budget was unveiled on February 29 by Arun Jaitley, the former finance minister. The Sensex finished the day down 0.66 percent.
2017 Budget
On February 1st, 2017, the budget was delivered by the then-Minister of Finance, Arun Jaitley. The Sensex ended the day of the budget with a 1.76 percent rise.
2018 Budget
The budget was unveiled on February 1 by Arun Jaitley, the former finance minister. His final budget was this one. The market ended the day marginally lower by 0.16 percent.
2019 Budget
Finance Minister Nirmala Sitharaman unveiled the entire budget for the 2019–20 fiscal year on July 5, the same day that Prime Minister Narendra Modi formed the government at the Center for the second time in 2019. On July 5, the day of the comprehensive budget, the market concluded with a 0.99% decrease.
2020 Budget
On February 1, Finance Minister Nirmala Sitharaman unveiled the entire financial plan for the 2020–21 fiscal year. That day saw a 2.43 percent decline in the Sensex at closing.
2021 Budget
The stock market reacted favorably to Finance Minister Nirmala Sitharaman’s budget speech. The Sensex closed with a five percent gain at the end of trading.
2022 Budget
Additionally well-received was the budget that Finance Minister Nirmala Sitharaman unveiled on February 1, 2022. On that day, the Sensex ended the day up 1.36 percent.
2023 Budget
On February 1, 2023, the stock market saw a great deal of volatility during Finance Minister Nirmala Sitharaman’s budget speech. While the Nifty finished lower than when it started, the Sensex ended the day up 0.27 percent.
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