Indian shares opened a tad lower on Wednesday, a day after the Budget raised tax on long-term capital gains and short-term capital gains on listed equity shares and equity-oriented funds.
The benchmark S&P/BSE Sensex was down 103 points, or 0.1 percent, at 80,325 in early trade while the broader NSE Nifty index was down 30 points, or 0.1 percent, at 24,448.
Tata Consumer Products fell 2.4 percent after announcing a rights issue.
Axis Bank, Bajaj FinServ and Larsen & Toubro were moving lower ahead of their earnings results.
Bajaj Finance declined 2.5 percent despite reporting a 14 percent increase in its Q1 net profit, meeting estimates.
HUL gave up 2 percent after reporting a modest 2.7 percent growth in quarterly profit.
Dr Reddy’s Laboratories dropped 1 percent ahead of a board meet on Saturday to consider stock split.
Nestle India fell nearly 2 percent and Hero Moto Corp dropped 1.4 percent.
Among the prominent gainers, SBI Life, Tech Mahindra, Tata Motors, ITC and HDFC Life jumped 2-3 percent.
Titagarh Rail Systems rallied 3 percent after the company said it has commenced the export of traction converters.
SpiceJet rose 1 percent on fund raising reports.
Market Analysis
Sensex, Nifty Marginally Lower In Early Trade
2024-07-24 04:36:30
