Indian stock SENSEX falls ahead of federal budget plan

As traders showed a cautious stance ahead of the announcement of the 2024 federal budget plan, Indian stocks fell for 3 consecutive sessions to $80,459, 97 points (0.1%) lower than the previous day in Tuesday morning trading.

India's federal budget 2024-25 is due to be announced in the National Assembly today, and traders are focusing on reducing taxes for the middle class, creating jobs, infrastructure spending, and maintaining fiscal discipline.

Also, since President Joe Biden abandoned his re-election bid, traders began to focus on quarterly results.

BSE Sensex declined, and Nifty 50 was dragged by metals, oil and gas, healthcare, and durable consumer goods, and fell below 24,500.

The biggest decline was ONGC (-2.6%), followed by Shriram Finance (-2.3%), LTIMintree (-1.7%), BPCL (-1.6%), and SBI Life (-1.3%).