India shares fall as government proposes new tax on profit from stocks
03 February, 2018, 01:44 | Author: Samuel Sharp
The government in budget projected a of 3.5 per cent of GDP for current fiscal against the earlier target of 3.2 per cent which also accelerated pace of selling by participants.
The wider Nifty50 of the National Stock Exchange (NSE) traded lower by 77.70 points or 0.71 per cent at 10,938.20 points.
The index had retreated from its lifetime high by falling 249.52 points in the previous session. At 10.44 a.m, the Sensex was trading down 491.74 points or 1.37% at 35,414.92 with 27 components falling.
Mumbai: The equity markets witnessed a massive sell-off on Friday wiping out almost Rs 4.58 lakh crore of investors wealth as the budget proposal to tax long term capital gain on equities and dividend distributed by mutual fund equity schemes dampened investors sentiment. The Budget has proposed an LTCG tax on equity instruments on all capital gains exceeding ₹1 lakh at the rate of 10%, without offering any indexation benefit that allows gains to be set off against inflation. The target for 2018-19 has been fixed at 3.3 per cent as against the Fiscal Responsibility and Budget Management Act target of 3 per cent.
"If the budget is committed to fiscal consolidation and there is no additional tax burden on capital market investments then it will be welcomed cheerfully by investors", said Sudhakar Pattabiraman, head of research operations at MarketSmith, which is part of financial services provider William O'Neil.
Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 358.50 crore, while foreign portfolio investors net bought shares worth Rs 1,099.780 crore yesterday, as per provisional data.
Among the 30-share basket, 27 stocks ended with losses led by Bajaj Auto and Bharti Airtel.
The S&P BSE Realty Index's was dragged to a low of 6.3%.
Among precious metals, gold prices were up by 0.56 percent to Rs 30,677 per 10 grams in futures trade as speculators built up fresh positions, tracking a firm trend overseas. The BSE mid-cap and small-cap indices shed 4% and 4.65%, respectively.
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