Sensex crashes 800 points

Sensex crashes 800 points
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Highlights

Reintroduction of the long-term capital gains (LTCG) tax, along with weak global cues, led to a huge sell-off in the markets on Friday with the key Indian equity indices falling the steepest since November 2016.

Mumbai: Reintroduction of the long-term capital gains (LTCG) tax, along with weak global cues, led to a huge sell-off in the markets on Friday with the key Indian equity indices falling the steepest since November 2016.

Market observers said disappointing announcements in the Budget like on the LTCG tax and a higher-than-expected fiscal deficit target for 2018-19 dampened investors' risk-taking appetite. On a closing basis, the barometer 30-scrip Sensitive Index (Sensex) plunged by 839.91 points or 2.34 per cent to 35,066.75 points.

The BSE market breadth was bearish as 2,548 stocks declined as against 295 advances. On the National Stock Exchange, the wider Nifty50 dropped 256.30 points or 2.33 per cent to close at 10,760.60 points.

"Markets corrected sharply on Friday as selling intensified during the day. Investors seemed to be disappointed with the fiscal deficit numbers and introduction of LTCG tax," Deepak Jasani, Head, Retail Research, HDFC Securities, said.

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