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Closing Bell(22-July-2024), Indian Shares Drop Amid Weak Earnings and Pre-Budget Volatility:-Indian stock markets experienced a dip on Monday, largely due to weaker-than-expected quarterly results from Reliance Industries and Wipro. This decline comes amid heightened volatility as investors brace for the union budget announcement scheduled for Tuesday.

losing Bell(22-July-2024), Indian Shares Drop

Market Performance for 22 July 2024

The NSE Nifty 50 index fell by 0.2%, settling at 24,484.93. Meanwhile, the S&P BSE Sensex dropped by 0.16%, reaching 80,474.6 as of 9:44 a.m. IST.

Volatility surged, with the volatility index spiking to a six-week high of 15.54. This increase in market turbulence reflects investor uncertainty ahead of the budget announcement.

Major Stock Performance for 22 July 2024

Reliance Industries and Wipro were significant contributors to the market's downturn. Both companies reported quarterly earnings that fell short of analysts' expectations, leading to a sell-off in their shares.

Investors are also on edge due to potential changes in long-term capital gains tax, which are expected to be addressed in the union budget. This anticipation has added to the market's volatility, as domestic and foreign investors closely monitor the situation.

Market Sentiment and Investor Focus

Analysts suggest that the current market sentiment is driven by a combination of disappointing corporate earnings and pre-budget jitters. The possibility of tweaks in long-term capital gains tax is particularly concerning for investors, as any changes could significantly impact investment strategies and returns.

What to expect Next?

As the union budget announcement approaches, market participants are advised to stay vigilant and prepare for potential volatility. The budget is expected to provide more clarity on tax policies and other economic measures, which could influence market direction in the coming weeks.

Conclusion

Monday's market decline underscores the impact of corporate earnings and macroeconomic factors on investor sentiment. With the union budget on the horizon, markets are expected to remain volatile. Investors should stay informed and be prepared for potential changes that could affect their portfolios.