Markets lose 1% as Jaitley's long term capital gains tax clarification fails to calm nerves
BSE Sensex and NSE Nifty lost over 1% in morning trade on Monday December 26, 2016 after Prime Minister Narendra Modi said that long-term capital gains tax may be introduced. Although, Finance Minister Arun Jaitley was quick to issue a clarification that PM's words were misrepresented and no such proposal was under consideration.
However, BSE Sensex opened lower and quickly fell by over 1% before gaining some ground. At 10.11 am, BSE Sensex was trading at 25,838.82 points, or down 0.78%. NSE Nifty too was down 0.80% or 64.05 points at 10.12 am.
NSE Nifty had only six advances and 45 stocks were in decline.
Top gainers were Asian Paints, DR Reddy's, Maruti Suzuki, TCS and Reliance Industries.
Top losers on the Nifty were Hindalco, Cipla, Aurobindo Pharma, Yes Bank and Bank of Baroda.
BSE Midcap and BSE Smallcap were down 1.33% and 1.31%, respectively.