Union Budget 2024: Tomorrow, July 23, Nirmala Sitharaman will present the budget. The stock market has been highly volatile 24 hours before the budget announcement. At the time of writing, the Sensex was down 220 points, trading at 80,390, while the Nifty was down 50 points, trading at 24,480. Bank Nifty saw a drop of about 100 points. Among the top 30 BSE Sensex shares, all except government company shares were falling. A total of 14 shares were trading lower.
Meanwhile, shares of government companies have rocketed. After Prime Minister Narendra Modi’s speech ahead of the budget session, Finance Minister Nirmala Sitharaman presented the Economic Survey today, July 22, 2023. Following the presentation of the Economic Survey and the Prime Minister’s speech, shares of government companies surged in the stock market. Significant gains were observed in shares across the defence sector and renewable energy sector.
Which Shares Experienced a Sharp Surge?
Shares of Cochin Shipyard in the defence sector rose 5% to ₹2,670. HAL shares increased by about 4%, reaching ₹4,975. Mazagon Dock Shipyard saw a surge of over 4%, trading at ₹5,352 per share. Additionally, BEL, Bharat Dynamics, and other defence sector shares experienced significant gains.
In the renewable energy sector, REC LTD shares rose by about 3%, reaching ₹618. IREDA shares saw a slight increase, trading at ₹272. SJVN shares also rose by around 2%, trading at ₹143. Other energy stocks also saw impressive gains.
Other PSU Companies’ Shares Also Rose
NBCC shares rose by about 7%, trading at ₹184. Rail Vikas Nigam shares increased by 2.25%, trading at ₹627. BPCL, NTPC, LIC, Canara Bank, and IOCL shares saw gains of up to 4%.
(Note: Always consult your market expert before investing in any shares.)
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