Monday, 18 June, 2018

Equities in green ahead of Budget 2018-19, Sensex at 36k

Benchmark Sensex slid 136 points in late morning deals following continued selling pressure in key frontline shares of healthCar Sensex Falls 124 pts Ahead of Union Budget 2018, Weak Global Cues
Grady Vargas | 05 February, 2018, 06:37

Sensex has registered a steepest fall in last 10 years with 839.91 points fall in a single day on Friday.

According to experts, the market didn't find any support from even global equities as most of the Asian markets traded the day with deep cuts amidst a sharp spike in United States bond yields.

In the broader markets, the S&P BSE mid-cap index dipped by 4.03 per cent and the small-cap index by 4.65 per cent.

Govt has made a decision to impose 10 per cent tax on LTCG for equity and equity-oriented investments for amount exceeding capital gains of Rs 1 lakh. The Budget has proposed an LTCG tax on equity instruments on all capital gains exceeding ₹1 lakh at the rate of 10%, without offering any indexation benefit that allows gains to be set off against inflation. Global markets, too, traded in the red owing to inflation fears and rising USA bond yields. The loss on Friday remains higher than even the loss on the day of demonetisation.

This is the biggest single day fall of the index since August 24, 2015, when it had fallen by 1,624.51 points.

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According to market observers, expectation of sops from the Union Budget, along with positive Asian markets and healthy buying in consumer durables, capital goods and banking stocks, lifted investors' risk-taking appetite.

Among the 30-share basket, 27 stocks ended with losses led by Bajaj Auto and Bharti Airtel. Other losers include Axis Bank, Maruti Suzuki and Reliance Industries.

Chartered accountants' apex body ICAI said LTCG tax may make stock investments less attractive.

On Friday, Jaitley said his government has done "enough" for the middle-class in the past.

The combined market capitalisation of all companies listed on BSE fell to Rs 148.5 lakh crore from Rs 153 lakh crore, as the bulls capitulated. The existing rate of short term capital gains is 15%. He was reacting to speculation after Modi had said, "Those who profit from the financial markets must make a fair contribution to nation-building through taxes".

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