Tuesday, 20 February, 2018

Bloodbath on stock market: Investors become poorer by Rs 4.6 lakh crore

Sensex slips below 36,000 ahead of GDP data ICICI Bank top loser Sentiment remained cautious ahead of the Budget 2018 due tomorrow. Image source Reuters
| 05 February, 2018, 06:37

The fall in the share market happened on Thursday as Arun Jaitley announced in his Budget speech long-term capital gains (LTCG) tax rate at 10% for gains exceeding Rs 1 lakh.

Around 1.40 p.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 35,339.30 points - down 567.36 points or 1.58 per cent from its previous close.

Around 10 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded higher by 63.35 points or 0.57 per cent at 11,091.05 points.

Asian stocks were also down as the recent rise in global bond yields weighed on equities, with MSCI's broadest index of Asia-Pacific shares outside Japan edging 0.2 percent lower.

Market breadth was negative with 310 stocks closing higher against 2527 falling on BSE.


After hitting an intra-day high of 63.72, the home currency retreated sharply towards the tail-end of trade on renewed dollar pressure and settled with a modest 4 paise loss at 64.06. Investors were also miffed as the fiscal deficit target for FY2018 was extended to 3.5% of GDP in the Budget, from 3.2% pegged earlier.

Bond yields hardened as well during the early trading hours of Friday expecting a hawkish stance from the Reserve Bank of India (RBI).They cooled off only after reports that the central bank will conduct open market operations and buybacks.

Mumbai: The BSE Sensex slipped 69 points to close below the key 36,000-mark on Wednesday following offloading of bets by retail investors and fresh capital outflows by foreign funds amid mixed global cues. Persistent Systems (down 1.99%), MphasiS (down 1.77%), Hexaware Technologies (down 0.95%), Oracle Financial Services Software (down 0.85%), MindTree (down 0.68%), Wipro (down 0.63%) and Infosys (down 0.23%), edged lower. By 12:40, seconds after the Finance Minister uttered Long Term Capital Gains Tax in the Parliament, the enthusiasm was skittled.

Maruti Suzuki India, Reliance Industries, Bharti Airtel, HPCL, Axis Bank, Indiabulls Housing Finance, GAIL, Bajaj Auto, Bajaj Finance and UltraTech Cement fell 4-6 percent in the Nifty pack. Global markets, too, traded in the red owing to inflation fears and rising U.S. bond yields.

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