Tuesday, 16 October, 2018

Sensex crashes 800 points; Nifty slips below 10800

IOC ICICI Bank among top stocks buzzing in trade today The S&P BSE Sensex slipped below its crucial 36,000 mark while the broader Nifty50 was also heading towards 11,000. Image source Reuters
Stacy Houston | 05 February, 2018, 06:37

Long-term capital gains tax on equity investment dampened investor sentiment amid lingering worries that the Budget moves will lead to a spike in inflation and make the country's central bank turn hawkish.

The BSE Sensex closed 839.91 points, or 2.34%, down at 35,066.75.

Market breadth was negative with 182 advances against 2,009 declines. Also, the NSE Nifty dipped below the 10,900-mark to trade at 10,826.50, down by 190.40 points, or 1.72 per cent.

Overseas, Asian shares were mixed.

All the sectoral indices ended in the red.

The benchmark indices witnessed significant volatility during the Budget week ended February 2.

Alphabet reports Q4 2017 revenue of $32.3 billion, but missing expectations [Livestream]
Although TAC paid to partners rose 2%, Google still brought home an extra $3.3 billion, an increase in revenue of 20%. Google's revenue beat was driven by the advertising business, which posted $27.27 billion in revenue .

"With reforms and incentives, market has become buoyant". Incidentally, the BSE Midcap and BSE Smallcap indices lost over 4% each. However, budget is aimed at spurring demand from Rural India & masses going forward to take care of India growth story. Execution and implementation will be the key ahead. "Inflation is expected to rise & margins of the companies may also see some contraction", said Anita Gandhi, Whole Time Director at Arihant Capital Markets.

With the Budget out of the way, the focus turns to RBI's monetary policy to be released later this month.

The rupee depreciated by another 16 paise to 64.18 against the dollar in early session at the interbank foreign exchange on Friday due to concerns over widening fiscal deficit.

European stocks ended Thursday's session in the red, extending losses for the fourth straight session on worries over rising bond yields after US policymakers raised their forecast for inflation. The BSE 30-share barometer fell by 162.24 points or 0.45 per cent to 36,121.01 with IT, tech, healthcare, metal, capital goods and banking stocks falling up to 0.68 per cent. Overall, over 2,500 stocks slipped on the BSE as against only 295 gainers, which included Sensex heavyweights TCS, Hindustan Unilever and Wipro.

Bajaj Automobiles was the loser of the day, down by 4.90%, followed by scrips posting a 4% average loss- Bharti Airtel, Axis Bank, Maruti, Reliance, Tata Steel. Find us on Facebook too!

The reproduction of the story/photograph in any form will be liable for legal action.

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