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Sensex tanks 2.5%, down 839 pts, Nifty ends below 10,800 on Budget woes

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SI Reporter  |  New Delhi 

Market rundown by Vinod Nair, Head of Research, Geojit Financial Services    Market skid as deviation in fiscal path and higher rural spending dampened investor’s sentiment. Additionally, rising inflation & yield may push RBI to be more hawkish on interest rate in the upcoming monetary policy. However, earnings season is picking up pace which is giving a sense to the participants to accumulate as long term prospects remain intact. Nifty realty cracks over 6% Sectoral Trend Sensex top gainers and losers Markets at Close   Benchmark indices tumbled on Friday as the long-term capital gains tax on equities investments dampened sentiment, while bonds slid for a second consecutive session on worries the central bank would become more hawkish on inflation.   The S&P BSE Sensex ended at 35,066, down 839 points while the broader Nifty50 index settled at 10,760, down 256 points. Earnings: Two-and three-wheeler major Bajaj Auto reported lower than expected net profit for the December quarter at Rs 9.52 billion against Rs 9.24 billion year on year.   The company’s revenue rose 26% at Rs 63.69 billion against Rs 50.67 billion year on year.   At the operating level, the earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to Rs 12.31 billion against Rs 10.43 billion.

Benchmark indices tumbled on Friday as the long-term capital gains tax on equities investments dampened sentiment, while bonds slid for a second consecutive session on worries the central bank would become more hawkish on inflation. The weak sentiment came a day after the government unveiled its budget for the year starting in April that raised spending for rural sectors and healthcare, widening the fiscal deficit target to 3.3% of gross domestic product from the previous 3.0%. The government also unveiled a 10 percent tax on long-term capital gains in equity ...

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First Published: Fri, February 02 2018. 15:30 IST
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Sensex tanks 2.5%, down 839 pts, Nifty ends below 10,800 on Budget woes

Catch all live market action here

Benchmark indices tumbled on Friday as the long-term capital gains tax on equities investments dampened sentiment, while bonds slid for a second consecutive session on worries the central bank would become more hawkish on inflation. The weak sentiment came a day after the government unveiled its budget for the year starting in April that raised spending for rural sectors and healthcare, widening the fiscal deficit target to 3.3% of gross domestic product from the previous 3.0%. The government also unveiled a 10 percent tax on long-term capital gains in equity ...

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