Return of long term capital gains tax spooks Sensex

05 February, 2018, 06:36 | Author: Myrtle Cook
  • Benchmark Sensex slid 136 points in late morning deals following continued selling pressure in key frontline shares of healthCar

The long-term capital gains tax on equities and 10 per cent tax on distributed income from equity-oriented mutual funds hit sentiments. Negative leads from Asian markets also spoiled sentiment.

The volume chart was led by G M R Infrastructure with trades of over 6.90 million shares.

The Street's impressive bull run got snapped on Tuesday as investors indulged in profit booking in anticipation of the market turning volatile due to decisions taken in the Budget. "Execution and implementation will be the key ahead", said Gandhi. "Inflation is expected to rise & margins of the companies may also see some contraction", said Anita Gandhi, Whole Time Director at Arihant Capital Markets.

However, LTCG wasn't the only factor dampening the market.

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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. Rising bond yields fuel global market volatility On Friday, the yield on the benchmark 10-year government securities rose to a high of 7.68%, from 7.17% when it was introduced on January 5.

The rupee today extended its losses for the second straight session, weakening by 4 paise at 64.06 a dollar as forex traders appeared cautious in view of upward revision of fiscal deficit target and the net borrowing for the current fiscal in yesterday's Union Budget. Stocks of banking, capital goods, auto, consumer durables, oil and gas, and metals witnessed a huge sell-off.

Other losers were Axis Bank, Maruti Suzuki, Reliance Industries, Tata Steel, M&M, HDFC Ltd, ICICI Bank, Hero MotoCorp, Kotak Bank, L&T, SBI, Tata Motors, Yes Bank, Adani Ports, IndusInd Bank, NTPC and HDFC Bank, losing up to 4.28%. Overall, over 2,500 stocks slipped on the BSE as against only 295 gainers, which included Sensex heavyweights TCS, Hindustan Unilever and Wipro.

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