Blood bath in the markets, Sensex sheds 770 points

05 February, 2018, 06:39 | Author: Bertha Harmon
  • Sensex slips below 36,000 ahead of GDP data ICICI Bank top loser

The Budget has proposed an LTCG tax on equity instruments on all capital gains exceeding ₹1 lakh at the rate of 10%, without offering any indexation benefit that allows gains to be set off against inflation. The BSE Smallcap index fell 4.65% to 17,847.53, the most since November 2016. Investors were disappointed with LTCG coming in over and above STT.

Bank shares also traded negative.

The Sensex and Nifty edged lower for a second straight session on Wednesday, tracking Asian peers, as caution crept into the markets ahead of the federal budget, due on Thursday. However, budget is aimed at spurring demand from Rural India & masses going forward to take care of India growth story. "Inflation is expected to rise and margins of the companies may also see some contraction", she added. "The move surprised the street as most participants were factoring in a change in definition of long term to two or three years from a year", said Devang Mehta, head of equity advisory, Centrum wealth.

Dow sees worst day in two years as bond yields jump
In Play Stocks are volatile enough to produce good risk and reward trading opportunities for both bull and bear traders intraday. The Dow and S&P 500 are down 3.4 percent and 3.3 percent, respectively, for the week, while the Nasdaq has lost 2.9 percent.

On the currency front, the Indian rupee weakened by four paise to close at 64.06 against the United States dollar from its previous close at 64.02.

Indian bonds rallied on Friday, recovering from losses that earlier sent benchmark 10-year yields up as much as 8 basis points, on a media report the central bank might buy bonds from the open market to support the country's weakening debt markets.

Global markets were also trading in the negative after most of the United States stock indices fell due to political crisis and growth concerns.

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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%.

All sectoral indices were weighed down by widespread selling, with consumer durables, metal, healthcare, realty and power falling by up to 3.20 per cent.

Of the 30 shares that make up the Sensex, 27 ended with losses, led by Bajaj Auto and Bharti Airtel.

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