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Business News » Union Budget News

Market extends losses a day after Budget 2018; Sensex down over 300 points

The S&P BSE Midcap and the S&P BSE Smallcap indices underperformed with both the indices shedding over 1 per cent each.

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Market extends losses a day after Budget 2018; Sensex down over 300 points
Image source: Reuters
Written By: ZeeBiz WebTeam
Updated: Fri, Feb 02, 2018
09:23 am
ZeeBiz WebDesk
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The domestic market extended losses for the fourth straight session on Friday with Nifty slipping below 11,000, tracking negative trend seen in Asian markets, while sentiment remained cautious as investors read into the fine-print of Budget 2018.

At 9:18 am, the S&P BSE Sensex was trading at 35,657, down 248.74 points, while the broader Nifty50 was ruling at 10,943, down 73.70 points.

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices underperformed with both the indices shedding over 1 per cent each.

All sectors, barring Nifty IT and Nifty FMCG, were trading in red. Among individual stocks, Indiabulls Housing Finance, YES Bank and Adani Ports were the top losers on Nifty and dipped over 2 per cent each.

Dalal Street reacts to LTCG tax

Market experts expressed mixed opinion on the long-term capital gains (LTCG) tax. “Having a 10 per cent tax on long term gains to my mind will ensure that investors reduce churn especially in mutual fund products. To avoid leakage of 10% tax and the resultant loss to compounding of gains, it is now necessary to avoid redemption and repurchase on yearly basis in the name of “booking gains” and “re-evaluating investment options”,” said Motilal Oswal ,CMD, Motilal Oswal Financial Services.

On LTCG, market experts Ajay Bagga said, it is a retrograde move as grandfathering of ongoing positions was needed.  
 
"Grandfathering is important. Applying LTCG tax right on the closing prices of January 31, 2018 is unfair. Secondly, FM Arun Jaitley didn't speak about STT and other levies. It already earns Rs 800 crore revenues from STT," he said. 

Bitcoin slips below $9000

Bitcoin, the world’s biggest cryptocurrency, continued to tumble after hitting a record high $19,666 in December on the Bitstamp exchange. It was last down 3.4 per cent at a more than two-month trough of $8,690.

Global markets

Asian shares stumbled, with Korean and Japanese benchmark indices falling more than 1 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3 per cent and away from a record high.

Wall Street saw a mixed closing on Thursday with the Dow up 0.1 per cent, the S&P 500 marginally off and Nasdaq down 0.35 per cent.

 

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TAGS:
MarketsUnion Budget 2018Budget 2018SensexNiftyLTCG taxBitcoin
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