Stock Market Tumbles Ahead Of Budget Announcement: Sensex Drops 500 Points, Nifty Slips Below 24500

The stock market opened sharply lower at the opening of the trading on Monday, the first working day of the week, after economic survey report is slated for today July 22. The investors witnessed a fearful share market due to budget announcements slated for July 23.

Sensex slips 500 points from the opening level on Monday, while the Nifty opened with a loss of more than 100 points and crossed below the 24500 mark in no time.

The opening of stock markets on Monday has left investors disappointed. BSE Sensex plummets up to 200 points, beginning with 80,604.65, and within the next five minutes, it came down by 500 points to 80,103.77. NSE Nifty opened in the negative zone, with figures already touching 24,445.75 points right at the opening.

Monday, while the market declined, saw maximum drops in share prices of large-cap companies. These were shares of Kotak Bank, Reliance Industries, Tata's Voltas, and many others.

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The Monsoon Session of Parliament will begin at 11 AM this morning. The Economic Survey report will also be presented today. Finance Minister Nirmala Sitharaman is likely to present the Economic Survey in the Lok Sabha at 1 pm and Rajya Sabha at 2 pm.

Ahead of the press conference, the Economic Survey report will be released, which will tell what amount of money has been spent by the central government in which sector and what impact it had on the country's GDP and other development rates.

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