Equities slide as LTCG hike bite, late buying cushions fall; VIX slumps below 13 mark

The stock market saw minor cuts today as the Budget for 2024-25 was unveiled. Both Sensex and Nifty extended their losing streak to three sessions. Despite positive global cues, the Nifty50 closed below 24,500 after hitting an early high of 24,582.55. Profit booking in response to the Finance Minister's hike in long-term capital gains tax from 10% to 12.5% erased gains. However, last-hour buying helped the index recover slightly, ending the day on a flat note. FMCG and consumer durables shares rallies, while realty and PSU banks tumbled.