Market likely to remain volatile on Budget Day

Mumbai: India’s equity market is expected to witness increased volatility on Budget Day (July 23) even as the central government is likely to keep its focus on fiscal prudence and capital expenditure-led growth. India’s equity market benchmarks on Monday closed in the red for two straight sessions. The Nifty50 plunged sharply in the morning and closed the day 22 points lower at 24,509.25. The BSE Sensex also gyrated over a wide range and closed the day 103 points lower at 80,502.08.

“After a sharp fall in early trades, markets were in a recovery mode and ended with marginal losses on profit-taking in banking, IT and realty stocks. Investors traded with caution as nervousness gripped them ahead of tomorrow’s Budget. However, markets could see volatility during the Budget announcement on Tuesday, and one may see sector-based action,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.