Sensex falls over 500 points, Nifty loses 150 points; PC Jeweller, Just Dial top losers
While the Sensex fell up to 575 points to 35,331, Nifty fell over 190 points to 10,826 level. At 10:38 am, the Sensex was trading 578 points lower at 35,328 and Nifty was down 179 points to 10,837.
- Feb 2, 2018,
- Updated Feb 2, 2018 12:24 PM IST
The ghost of LTCG tax returned to haunt the market a day after Finance Minister Arun Jaitley announced a 10 percent long term capital gains tax on sale of equity shares/ units of equity oriented fund. While the Sensex fell up to 575 points to 35,331, Nifty fell over 190 points to 10,826 level. At 10:38 am, the Sensex was trading 578 points lower at 35,328 and Nifty was down 179 points to 10,837.
Experts said the market was falling as investors/traders were booking profits to avoid the cut off date of January 31 for imposition of LTCG tax.
"Long-term capital gains tax on equities is not welcomed by the markets and fiscal slippage is another reason that's driving the markets down," said Neeraj Dewan, director, Quantum Securities.
23 stocks on the Sensex were trading in the red. Top losers were HDFC (2.75%), ONGC (2.64%) and Kotak Bank (2.33%).
PC Jeweller (34%) JustDial (12.14%), Vakrangee (10%) were the top BSE losers .
BSE Midcaps and small caps were the market laggards falling 346 points and 461 points, respectively.
BSE Consumer durables (1340 points), bankex (564 points), auto (319 points) and capital goods (446 points) indices led the losses in a falling market.
Of the 19 BSE sectoral indices, 17 were trading in the red.
Global markets
Asian markets are trading negative tracking mixed response from Wall Street and higher bond yields in the stateside. Tech stocks are trading lower.
In Europe, markets closed lower as investors weighed on corporate earnings and monitored losses in stateside. Telecom stocks were the worst performers. Manufacturing PMI came in at 59.6 slightly lower than December high of 60.6.
US markets closed slightly lower as investors seemed worried about rising interest rates. Q4 productivity fell 0.1% which was lower than expected. US non-farm payrolls numbers due today.
The ghost of LTCG tax returned to haunt the market a day after Finance Minister Arun Jaitley announced a 10 percent long term capital gains tax on sale of equity shares/ units of equity oriented fund. While the Sensex fell up to 575 points to 35,331, Nifty fell over 190 points to 10,826 level. At 10:38 am, the Sensex was trading 578 points lower at 35,328 and Nifty was down 179 points to 10,837.
Experts said the market was falling as investors/traders were booking profits to avoid the cut off date of January 31 for imposition of LTCG tax.
"Long-term capital gains tax on equities is not welcomed by the markets and fiscal slippage is another reason that's driving the markets down," said Neeraj Dewan, director, Quantum Securities.
23 stocks on the Sensex were trading in the red. Top losers were HDFC (2.75%), ONGC (2.64%) and Kotak Bank (2.33%).
PC Jeweller (34%) JustDial (12.14%), Vakrangee (10%) were the top BSE losers .
BSE Midcaps and small caps were the market laggards falling 346 points and 461 points, respectively.
BSE Consumer durables (1340 points), bankex (564 points), auto (319 points) and capital goods (446 points) indices led the losses in a falling market.
Of the 19 BSE sectoral indices, 17 were trading in the red.
Global markets
Asian markets are trading negative tracking mixed response from Wall Street and higher bond yields in the stateside. Tech stocks are trading lower.
In Europe, markets closed lower as investors weighed on corporate earnings and monitored losses in stateside. Telecom stocks were the worst performers. Manufacturing PMI came in at 59.6 slightly lower than December high of 60.6.
US markets closed slightly lower as investors seemed worried about rising interest rates. Q4 productivity fell 0.1% which was lower than expected. US non-farm payrolls numbers due today.