Mumbai: Indian equity indices closed in red on Monday following profit booking before the Union Budget 2024-25, which will be presented in the Parliament on Tuesday. At close, Sensex was down 102 points or 0.13 per cent at 80,502, while the Nifty fell 21 points or 0.09 per cent to 24,509.
According to the Economic Survey which was presented in the Parliament on Monday, the GDP growth rate has been estimated at 6.5-7 per cent for the current financial year. Buying was seen in the midcap and smallcap stocks on Monday. The Nifty Midcap 100 index closed 716 points or 1.28 per cent higher at 56,624 points, while the Nifty Smallcap 100 index closed 165 points or 0.90 per cent higher at 18,563 points.
NTPC, UltraTech Cement, HDFC Bank, M&M, Tata Steel, Power Grid, Tata Motors, Sun Pharma, L&T, Maruti Suzuki, and Infosys were the top gainers in the Sensex, while Wipro, Reliance, Kotak Mahindra Bank, ITC, and SBI were the top losers on Monday. Among the sectoral indices, Auto, PSU Bank, Fin Service, Pharma, Metal, and Infra were the major laggards, while IT, FMCG, Realty, and Energy were the major gainers.
As per the experts, the conservative economic growth forecast for FY25, presented in the Economic Survey, has introduced some spikes in volatility ahead of the Budget. Further, the below-estimated Q1 results from certain index heavyweights added to apprehensions of a slowdown in earnings growth in FY25.
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