Sensex cracks over 839 points the day after Budget presentation

05 February, 2018, 06:38 | Author: Tracy Craig
  • 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

At 1:09 PM, the BSE Sensex was trading at 35,387, down 519 points, while the Nifty50 index was trading at 10,863, down 154 points.

Moreover, Fitch today said a high debt burden would constrain India's rating upgrade. The upward revision to the fiscal deficit target to 3.3 percent from 3 percent for 2018-2019 also dampened sentiment.

From the next financial year, the government will impose a long term capital tax at the rate of 10% on the gains to the tune of Rs one lakh and above.

A day after Budget 2018, the domestic market extended sell-off with the Sensex tanking over 700 points, while Nifty dipped below its crucial 10,800 level as investors read into the fine-print of the Budget document.

According to market observers, expectation of sops from the Union Budget, along with positive Asian markets and healthy buying in consumer durables, capital goods and banking stocks, lifted investors' risk-taking appetite. While the budget was being tabled, BSE market breadth was bearish with 1,676 declines and 897 advances.

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MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 per cent and away from a record high.

With the Budget out of the way, the focus turns to RBI's monetary policy to be released later this month. By 12:40, seconds after the Finance Minister uttered Long Term Capital Gains Tax in the Parliament, the enthusiasm was skittled. The mid-cap and small-cap shares saw their worst selling in over a year as the S&P BSE MidCap Index slumped 4 percent and the S&P BSE SmallCap Index tumbled 4.6 percent.

Laggards included Dr Reddy's, Sun Pharma, ICICI Bank, Infosys, Tata Steel, Bharti Airtel, SBI, ONGC, Maruti Suzuki and Reliance Industries, declining by up to 2.58 per cent.

In morning trade, bank, auto and realty sector stocks were making some minor gains but all other sectoral sub-indices were trading in the red. stocks were losing the most.

European stocks ended Thursday's session in the red, extending losses for the fourth straight session on worries over rising bond yields after USA policymakers raised their forecast for inflation.

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