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Business News » India News

Indices recover, yet remain below previous day's close

According to the BSE data, investors lost nearly Rs 5 lakh crore right after the opening bell

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Indices recover, yet remain below previous day's close
At 2.43 pm, benchmark Nifty was trading at 10,548.60 points, 1.11% lower than the previous day's close. Image source: Reuters
Written By: ZeeBiz WebTeam
Updated: Tue, Feb 06, 2018
02:52 pm
ZeeBiz WebDesk
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Benchmark indices recovered to an extent in the afternoon session, after falling S&P BSE Sensex falling over 1200 points and Nifty50 dipping below 10,300 points in the morning trade.

At 2.43 pm, benchmark Nifty was trading at 10,548.60 points,  1.11% lower than the previous day's close. 

According to the BSE data, investors lost nearly Rs 5 lakh crore right after the opening bell.

While the Finance Ministry says that global markets, not the imposition of long-term capital gains has caused the market fall, investors beg to differ. 

“LTCG may not have caused the market fall, but it did aggravate it,” said Basant Maheshwari, Wealth Advisers LLP. 

Samir Arora, of Helios Capital also noted the government has imposed LTCG without thinking about the repercussions. "Just because something applies in global markets doesn't mean it has to happen in India too. With 10 per cent LTCG tax, I would say Indian markets have turned 10 per cent unattractive," he said. 

However, Deepak Jasani, head of retail research at HDFC Securities believes domestic as well as global factors are at play behind the market fall.  

"The unprecedented downfall in Dow yesterday and combination of other negative factors like the high fiscal deficit projected and proposal on LTCG and fear of the stand that RBI will take during Wednesday's review has led to this melt-down or selling panic," said Jasani.

"Not just India but globally this downturn has taken place due to the fear of high interest rates regime, coming into the developed markets amid high valuations. On the domestic front other factors like high valuations, uncertainties on growth, inflation and interest rates and fears of RBI turning hawkish are unnerving investors," he added. 

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TAGS:
Benchmark indicesafternoon sessionS&P BSE SensexNifty50Indian sharesIndian stocksNSEGainscapital gain taxLTCGGlobal indicesAsiann shares
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