Equity markets plunge, Sensex slumps over 500 points

05 February, 2018, 06:39 | Author: Lucy Floyd
  • In spite of profit booking two days ahead of the budget the Sensex managed to stay ahead of the crucial 36,000 mark and Nifty ahead of the 11,000 mark

Moreover, Fitch today said a high debt burden would constrain India's rating upgrade.

The reintroduction of long-term capital gains (LTCG) tax in the Budget sent Dalal Street on a selling spree on Friday, as the sensex crashed 840 points (2.3%), its second-sharpest post-Budget day fall ever by points, and closed just a tad above 35K.

"The major part of Friday's correction could be attributed to the Budget announcement of imposition of long term capital gains tax on equity, tax on distributed income by equity oriented mutual funds and fiscal slippage". The National Stock Exchange Nifty 50 ended 256.30 points, or 2.33%, lower at 10,760.60 - its biggest intra-day slump in more than a year.

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BSE Sensex and NSE Nifty open lower on Wednesday. As per records, this is the 9th steepest fall in a single day in the Indian stock markets in the last 10 years. On Friday, Nifty and Sensex fell 2 per cent each. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 572.72 points or 1.60% at 35,333.94. While the budget was being tabled, BSE market breadth was bearish with 1,676 declines and 897 advances. "European indices like FTSE 100, DAX and CAC 40 were trading in the red", added Jasani. "Additionally, rising inflation and yield may push the RBI to be more hawkish on interest rate in the coming monetary policy". Global markets, too, traded in the red owing to inflation fears and rising USA bond yields. "Long-term capital gains tax is a concern, but the bigger worry is the deficit and extra spending by the government", said Nirmal Jain, chairman, IIFL Holdings.

Realty stocks bled the most as the sectoral sub-index more than 6 per cent. Bank, financial service and auto sub-indices lost more than 3 per cent.

Other losers were Axis Bank, Maruti Suzuki, Reliance Industries, Tata Steel, M&M, HDFC Ltd, ICICI Bank, Hero MotoCorp, Kotak Bank, L&T, SBI, Tata Motors, Yes Bank, Adani Ports, IndusInd Bank, NTPC and HDFC Bank, losing up to 4.28%.



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