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".

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"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.

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