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Mkt crash continues
A sell-off in global markets further hit sentiments on domestic bourses, which are already reeling under budget woes, pulling the BSE Sensex down by nearly 310 points, or 0.88 per cent, to 34,757.16, a three-week low, and the Nifty by 94 points, or 0.87 per cent, to 10,666.55 points.
Mumbai: A sell-off in global markets further hit sentiments on domestic bourses, which are already reeling under budget woes, pulling the BSE Sensex down by nearly 310 points, or 0.88 per cent, to 34,757.16, a three-week low, and the Nifty by 94 points, or 0.87 per cent, to 10,666.55 points.
Heavy selling was witnessed mainly in banking, capital goods, and IT counters. This was the fifth straight session of loss for domestic stock markets that saw a massive erosion in valuation after the government unveiled in its budget a proposal to levy 10 per cent long-term capital gains (LTCG) tax on equities and revised upwards its deficit target for the current fiscal at 3.5 per cent. Investors lost a whopping Rs 5 lakh crore in just two trading sessions.
