Indian equities are trading lower after Finance Minister Nirmala Sitharaman announced hikes in the capital gains taxes while presenting the Union Budget 2024.
Ms Sitharaman announced today the Long Term Capital Gains taxes will be increased from 10 to 12.5% and Short Term Capital Gains taxes from 15 to 20%.
After the announcement, the 30-share Sensex pack crashed over 400 points and briefly went below the 80,000-mark. Nifty, too, is trading in the red.
Sensex closed at 80,502.08 while the NSE benchmark ended at 23,537.85 yesterday.
The silver lining in the Budget, however, was an increase in the standard deduction in the new regime from Rs 50,000 to Rs 75,000.
Titan, ITC, and Hindustan Unilver are among the leading gainers among the BSE pack while the major losers include Power Grid, Bajaj Finance, and Larsen and Toubro.
IT stocks like HCLTech, Infosys and Tech Mahindra are also in the red.
The pre-budget Economic Survey, which was unveiled yesterday, noted that the IT sector hiring had slowed considerably in the last financial year; it is unlikely to pick up significantly.
Union Budget 2024: Key Takeaways, Technology-Related Announcements Made by Finance Minister Nirmala Sitharaman New Tax Regime Slabs Changed, Standard Deduction Up From Rs 50,000 To 75,000 Union Budget 2024: Angel Tax For All Classes Of Investors To Be Abolished Budget 2024 LIVE Updates: Nirmala Sitharaman's Big Jobs And Tax Announcements In Budget Speech New Tax Regime Slabs Changed, Standard Deduction Up From Rs 50,000 To 75,000 Budget 2024: What Is Cheaper? Pic Of Indian Broom With "Nutrition Facts" Label Leaves Internet Chuckling Bihar And Andhra Pradesh Get Major Funding; Social Media Reacts With Memes New Tax Regime Slabs Changed, Standard Deduction Up From Rs 50,000 To 75,000 Track Latest News Live on NDTV.com and get news updates from India and around the world.