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NEW DELHI: On Friday, the markets saw sharpest fall since August 2017 as it gave a cold shoulder to Budget 2018 with benchmark indices plummeting.
30-share BSE Sensex closed 839.91 points below previous closing point on 35,066.75 while the broader 50-share NSE Nifty tanked 256.30 points to finish on 10,760.60. Both the indices tanked 2.30 per cent.
Analysts say the slump is a result of the introduction of LTCG tax+ has caused stir in the market which had been marching on a bull run till a couple of days ahead of budget. “Near term volatilities could be possible as market readjusts itself to budget announcements and LTCG as well”, said Lakshmi Iyer ,CIO – Debt & Head – Products, Kotak Asset Management.
Market mood suffered another setback after Fitch Ratings today said high debt burden of the government constrains India’s rating upgrade. The government in budget projected a fiscal deficit of 3.5 per cent of GDP for current fiscal against the earlier target of 3.2 per cent which also accelerated pace of selling by participants.
At intra-day low, the BSE index had gone down more than 900 points.
When trading started, the BSE index lost 199 points and Nifty lost 79 points to start trading 10,938.20 as they slipped below respective psychological marks of 36,000 and 11,000.
Realty stocks bled the most as the sectoral sub-index more than 6 per cent. Bank, financial service and auto sub-indices lost more than 3 per cent. IT scrips held forte with Nifty IT finishing in the green.