Stock Market Live Updates 24 July 2024: Nifty 50 recovery hinges on breaking 24,650 level

Sensex, Nifty, Share Prices LIVE: On Budget Day, the Indian benchmark indices closed in red for the fifth consecutive year, with Sensex and Nifty 50 down around 0.1% each and the Nifty Bank index dropping about 1%. All three indices saw an intraday fall of over 1.5% before partially recovering later. The increase in short-term and long-term capital gains tax and the hike in security transaction tax (STT) for the Futures & Options (F&O) segment were the main reasons for the market dip. The BSE Realty index suffered the most due to the removal of indexation in calculating long-term capital gains tax for real estate assets. Despite the market’s recovery from intraday lows, charts suggest that the Nifty 50 needs a decisive break above 24,650 for a bullish outlook, while the Nifty Bank index faces significant resistance around 52,800-53,000. Realty stocks like Sobha, Prestige Estate Projects, DLF, Brigade Enterprises, and Macrotech Developers are at crucial levels, with their price actions requiring close monitoring.