The Budget impact dragged the equity indices as the introduction of long-term capital gains tax and 10% tax on distributed income from the equity-oriented mutual funds announced in the Union Budget highly disappointed investors’ sentiment.
The Sensex down by a whopping 800 points while the Nifty cracked the 10,800-mark on continued selling. Market outlook suffered another setback after Fitch Ratings on Friday said high debt burden of the govt constrains India's rating upgrade.
The flagship Sensitive Index (Sensex) nosedived by 839.91 points to quote at 35,066.75 points with all the sectoral indices trading in the negative territory. The 50-share Nifty of National Stock Exchange slumped 256.30 points, or 2.33% to 10,760.60 points at closing hours on the weekend. BSE MidCap was down 4.03 percent, while the SmallCap fell 4.65 percent.
The Finance Minister also projected a fiscal deficit of 3.5% of GDP for current financial year against the earlier target of 3.2% which also triggered pace of selling by participants.
NSE Stock top gainers are namely, Tech Mahindra (up 0.99%), HCL Tech (up 0.64%), TCS (up 0.46%), Infosys (up 0.6%) and Hindustan Unilever Limited (up 0.5%). Top Losers are UltraTech (down 5.77%), Bajaj Finance (down 5.58%), Bajaj Auto (down 5.21%), Gail India and IndiaBulls HF edged down by 4.70% each.
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