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giftedviz.com October 22, 2018


Sensex down over 1100 points on global sell-off

07 February 2018, 12:59 | Austin Hogan

Sensex down over 1100 points on global sell-off

Sensex down over 1100 points on global sell-off

Both Sensex and Nifty followed the blood bath witnesses in the U.S. stock exchanges.

The Markets Continued to Crumble for Third Day in the Row Due to Domestic and Global Issues.

The Sensex provisionally closed (at 3.30 p.m.) at 34,195.94 points - down 561.22 points or 1.61 per cent - from its previous close at 34,757.16 points. The budget proposes to bring back a long-term capital gains tax or LTCG on equity investments, a tax on dividend distribution and also spending steps that will widen the fiscal deficit.

Overseas, European and Asian stocks tanked following a sharp sell-off on Wall Street.

In the morning trade, the Sensex fell over 1,200 points and Nifty50 dipping below 10,300 points, biggest falls in six-and-half years after the US wage data on Friday pointed to quickening inflation which may lead to higher rates by the US Federal Reserve.

Taiwan shares lost 5%, its biggest since in 2011 and Hong Kong's Hang Seng Index dropped 4.2%.

Bajaj Fin (+4%), Indiabulls HF (+1.5%), ICICI Bank (+1%), Eicher (+0.99%) and Tata Steel (+0.82%) were the top gainers on the NSE. As many as 13 per cent felt the fall could be steeper at 10 per cent.

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Nifty 50 fell 186.50 points or 1.75 percent to 10,480.

Meanwhile, Finance Secretary Hasmukh Adhia was quoted as saying: "What happened on Feb 2 & Feb 5 was mainly because of global shakeup".

In intraday trade, Sensex slumped almost 1,274.35 points to 33,482.81 points, while Nifty declined 371.40 points to 10,295.15.

It also added, "The President's tax cuts and regulatory reforms will further enhance the USA economy and continue to increase prosperity".

Indian stock markets were already under pressure after the government re-introduced LTCG-tax on equities in Budget-2018.

Commenting on the market crash, Finance and Revenue Secretary Hasmukh Adhia said that the domestic market was mimicking weakness in global markets and it can not be attributed to LTCG tax levied in the Budget. According to reports, Dow notched its biggest intraday decline in history with a almost 1,600-point drop while Wall Street erased its gains for the year, said Reuters.



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