Stock markets recover post 400 pt crash after Union Budget

A day after budget Sensex loses 840 points Nifty almost 300

The carnage at Dalal Street today shrunk the total investors' wealth by almost Rs 4.6 lakh crore.

The barometer Sensex of the BSE tumbled over 500 points on Friday following negative global cues and disappointment post Budget announcements on long-term capital gains (LTCG) tax reintroduction.

A day after Budget 2018, the markets shuddered and benchmark indices fell sharply, a outcome of the new long-term capital gains (LTCG) tax and other factors, analysts said. On the NSE, 135 stocks advanced, 1,716 declined and 31 remained unchanged.

Ratings agency Fitch said weak public finances constrain India's sovereign ratings.

The benchmark had seen a fall of 239.35 points or 3.32 per cent on February 11, 2016. The BSE Sensex had recorded steepest crash of 1,624 points on August 24, 2015. The National Stock Exchange Nifty 50 ended 256.30 points, or 2.33%, lower at 10,760.60 - its biggest intra-day slump in more than a year.

The government also announced a 10% distribution tax on equity mutual funds so as to provide a level field for direct and indirect equity investments. "The move surprised the Street as most participants were factoring in a change in definition of Long Term to two or three years from a year", said Devang Mehta, Head - Equity Advisory, Centrum Wealth Management. Shanghai Composite Index, however, shed 0.97 per cent. "Volatility in bonds and rupee over fiscal slippage and stocks' churn ahead of FY19 over LTCG prompted sharp pull back in stocks".

Chat App LINE To Launch Its Own Cryptocurrency Exchange In Japan
The company announced on January the 31 that it has chose to provide a crypto exchange platform among other financial services. Line Financial has already filed for a license with Japan's Financial Services Agency (FSA) to trade crypto tokens.

"Reaction of FPIs and the bond markets locally to the 3.3% fiscal deficit proposed in FY19 will be keenly watched in the background of rising rates overseas", he added.

According to provisional figures, foreign portfolio investors (FPIs) sold shares worth Rs 105.56 crore on net basis while domestic institutional investors (DIIs) also offloaded equities to the tune of Rs 281.65 crore on Wednesday.

Bajaj Auto was the worst performer among the Sensex constituents today, falling 4.90%, followed by Bharti Airtel which was down by 4.62%.

On the sectoral front, all 19 BSE indices closed in the red.

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.

Related News:



Most liked

Asus ZenFone 5 Series smartphones might launch at MWC 2018
Since the last year's Zenfone 4 Pro came with Snapdragon 835 SoC, we might see the Zenfone 5 Pro with Snapdragon 845 SoC on 2018. Asus is also in rumours for developing the ZenFone 5 Lite that recently received a certification in Russian Federation .

Polish Lawmakers Approve Controversial Holocaust Bill Despite International Criticism
Opposition member of parliament Itzik Shmuli said the bill made Poland "the first nation to legislate Holocaust denial". Some of the most notorious Nazi death camps were established within Poland's borders.

Tinder told to stop discriminating against over-30s by USA court
Users of Tinder's app "swipe left" on their phones to decline a match as unattractive, and swipe right to signal attraction. It is unclear if Tinder plans to fight this or if it will change the way they price their Tinder Plus feature.

Cavaliers' Love to avoid surgery, will miss 8 weeks
Myles Turner had 15 points and 11 rebounds in his return to the starting lineup, and in beat Memphis for its third straight win. With 15 points and six assists, Elfrid Payton was one of seven players to score in double figures for the Magic (15-35).

USA ready to hit Syrian chemical weapons
Defense Secretary Jim Mattis issued a stern warning on Friday to Syria, urging the regime to abstain from using chemical weapons. Damascus has denied using any chemical weapons in the seven-year conflict, blaming the rebels on using it on themselves.

18 injured as burning minivan ploughs into pedestrians in Shanghai
Authorities said a 40-year-old man was smoking while driving a minivan filled with gas canisters and lost control of the vehicle. During the weeks-long travel period, authorities emphasize safety on the road and aboard planes, trains and ferries.

Instagram Type Mode lets you post text-only Stories
The updates will be arriving in a new version of the app, being pushed out to iOS and Android users now. It also allows you to add the text styles to your image or video-based stories but it is not necessary.

French gov't pledges more security forces in Calais after violent migrants brawls
Charities estimate there are around 800 migrants living in Calais but official figures claim there are between 550 and 600. More than 100 African migrants armed with iron rods and sticks attacked a group of around 20 Afghans, prosecutors said .

These Super Bowl-week Jeopardy! contestants knew absolutely nothing about football
When you see the other answers that require questions, you might feel like Trebek wasn't hard enough on the contestants. For those hosting Super Bowl parties: Pick the attendee who you think possesses the least football knowledge.

US Employment Jumps By 200000 Jobs In January, Wage Growth Accelerates
Economic growth could reach 2.5 percent to 3 percent this year, some economists have forecast, which would top 2017's pace. The category of warehousing and storage - partly associated with Internet shopping - added 11,100 jobs, the report showed.

Alonso to contest upcoming WEC Season, will make Le Mans debut
The two-time Formula One champion will do his sports vehicle endurance racing for Toyota Gazoo Racing , McLaren announced. Toyota's other vehicle will be driven by the unchanged lineup of Mike Conway , Kamui Kobayashi and José María López .

Central Intelligence Agency chief defends meetings with Russian spymasters
It is Russian Ambassador to Washington Anatoly Antonov told about Naryshkin's visit to the United States on January, 30. Head of the Main Directorate of the General Staff Igor Korobov visited Washington, The Washington Post learned.

Dexter the Therapy Peacock Barred From Boarding a Jet, to Owner's Distress

Supermodel Kate Upton Complained About Sexual Harassment
U.S. model Kate Upton has accused fashion giant Guess' co-founder and creative director Paul Marciano of sexually harassing women. Neither Marciano nor Guess have offered a response to Upton's claims, but no doubt we'll be expecting one soon.

Nunes Memo 'Altered' Before White House Got It, Adam Schiff Says
Officials have been unable to say whether anyone inside the White House worked with Nunes or House Republicans on the document. We are committed to working with the appropriate oversight entities to ensure the continuing integrity of the FISA process.