Titan, ITC Steal The Show As Nifty Ends Budget Day In Red

On Tuesday, Nifty 50 fell 0.12% to 24,479.05 points. The benchmark index had fallen to a low of 24,074.20 as the central government hiked both long-term and short-term capital gains tax for equities in the budget announcement.

Titan emerged as the standout performer, with its stock price surging by 6.53% to ₹3466.85, up significantly from its previous close at ₹3254.45. Titan and other jewellery stocks gained after Finance Minister Nirmala Sitharaman proposed cutting basic customs duty on gold and silver to 6%.

Top Gainers:

Company	Current Price	Last Close	% Change
Titan	₹3466.85	₹3254.45	6.53%
ITC	₹492.20	₹466.55	5.50%
Tata Consumer Products	₹1256.90	₹1204.80	4.32%
Adani Ports and Special Economic Zone	₹1507.35	₹1467.35	2.73%
NTPC	₹382.45	₹373.50	2.40%

ITC also showed impressive growth, marking a 5.50% increase with a new price of ₹492.20. Tata Consumer Products followed closely with a 4.32% rise, enhancing its value in the market. FMCG stocks gained after the government announced measures to shore up rural consumption in the budget. Adani Ports and NTPC were the other gainers with a 2.73% and 2.40% increase in stock price during the session.

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Conversely, Shriram Finance faced the largest decline, with its stock price falling by 3.12% to ₹3538.05, a noticeable drop from ₹3651.45.

Top Losers:

Company	Current Price	Last Close	% Change
Shriram Finance	₹2739.2	₹2,827.40	-3.12%
Larsen & Toubro	₹3,538.05	₹3,651.45	-3.11%
Hindalco Industries	₹653.50	₹672.30	-2.80%
Bajaj Finance	₹6727.10	₹6884.25	-2.28%
ONGC	₹314.15	₹320.80	-2.07%

Larsen & Toubro and Hindalco Industries also experienced notable losses, decreasing by 2.80% and 2.60% respectively. Bajaj Finance and ONGC made up the rest of the underperformers with a 2.28% and 2.07% decline.

Vinod Nair, head of research, at Geojit Financial Services, said, “Domestic investors had high expectations from the budget to increasing revenue and capital expenditure. However, the narrative is mixed, by curtailing expenditure while attaining fiscal prudence, which can limit further growth. During the year, the market has fairly factored in ongoing growth and trading at a high premium. To sustain that gap, corporate growth has to be maintained, which is experiencing a slowdown as per the ongoing Q1 result.”

Rupak De, senior technical analyst, at LKP Securities said, “The index experienced a correction during the day due to weakness in the market. Additionally, the index slipped below the 21-day exponential moving average, indicating a weakening trend. Sentiment might remain weak in the short term or until the index stays below 52,100. On the lower end, it might move towards 51,200–51,000. On the higher end, resistance is placed at 52,100/52,550.”

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