Equity markets tumble on global cues, LTCG tax reintroduction

Sensex opens lower Nifty remains at 11,000 mark IOC gains after stellar Q3 performance

The flagship Sensex crashed 839.91 points, or 2.34 per cent to end the day at 35,066.75 as jittery investors sold off shares across all sectors.

The BSE market breadth was bullish with 1,495 advances and 636 declines. Nifty's intra-day short came at 10,826.50, nearly 300 points less earlier closing mark.

"Markets corrected sharply on Friday as selling intensified during the day".

LTCG may upset the domestic as well as foreign investors in the short run. Bond yields rose on fears that the government might not be able to manage the fiscal deficit target, which also affected investor sentiment on the stock market.

Overseas, Asian shares were mixed.

Apart from IT, all sectoral indices were trading in red, and the Nifty Realty index fell by six percent.

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

"However, budget is aimed at spurring demand from rural India and masses going forward to take care of India growth story. Execution and implementation will be the key ahead", said Gandhi. This means the rate at which inflation rises, the cost is also increased so as to calculate the profit. "After touching record levels, I see some correction happening, even after the budget", said Kunj Bansal, executive director & CIO - equity, Centrum Wealth Management Ltd.

The rupee today extended its losses for the second straight session, weakening by 4 paise at 64.06 a dollar as forex traders appeared cautious in view of upward revision of fiscal deficit target and the net borrowing for the current fiscal in yesterday's Union Budget. The fall in the share market was reported at around 12:23 PM.

Globally, Asian stocks finished on a mixed note as rising bond yields and mixed earnings from top US companies helped induce some caution ahead of the closely-watched USA monthly jobs report for January, due later in the day.

All the 19 sub-indices of the BSE plunged into the negative territory.

On the other hand, Tata Consultancy Services (1.34%), Infosys (0.55%), and Dr Reddy'S Laboratories (0.47%) were the major gainers in the Sensex.

Related news:

Hot News

isis-killer-beheading-video-story-top Spice Girls reunion? All five members reunite
Feb 05, 2018 - 06:32
After much speculation, everyone's favorite pop band got back together for the first time in years, and the photos are adorable. The Sun newspaper reported the quintet is considering several projects, including a TV talent show, though not a live tour.

isis-killer-beheading-video-story-top Pentagon updates nuclear posture review seeking enhanced deterrent
Feb 05, 2018 - 06:29
The document also says China continues to increase the number, capabilities and protection of its nuclear forces. Low-yield weapons with a strength of under 20 kilotons are less powerful but are still devastating.

isis-killer-beheading-video-story-top Drive-by shootings in a Italian town, black immigrants targeted
Feb 04, 2018 - 02:26
Italian Prime Minister Paolo Gentiloni has temporarily suspended campaigning over the shootings. "We stopped public transport". They are running against Matteo Renzi's much-splintered center-left Democratic Party and the populist 5-Star Movement.

isis-killer-beheading-video-story-top Kremlin 'very glad' at lifting of ban on 28 Russian athletes
Feb 04, 2018 - 02:25
They can not wave the Russian flag at the event and, if they win, the Russian anthem will not be played. In making their decision, the CAS also reinstated the results of the athletes in Sochi.

isis-killer-beheading-video-story-top Stormy Daniels deflects questioning over alleged affair with Donald Trump
Feb 04, 2018 - 02:23
Williams also wondered whether the Trumps would divorce after Donald's time in the White House is up. Kimmel asked on Tuesday night. "[Cupp] gave her opinion and that's what the show is", Goldberg said.

isis-killer-beheading-video-story-top Russian pilot 'killed in fighting' after plane downed in Syria
Feb 04, 2018 - 02:15
The U.N. says more than 270,000 people have been displaced in Idlib because of the government onslaught since December 15. Opposition factions have shot Syrian regime planes in the past, but downing Russian warplanes is much rarer.

isis-killer-beheading-video-story-top U.S. teenager girl charged with felony counts for accidental school shooting
Feb 04, 2018 - 02:08
The two victims, one 15-year-old boy and a girl of the same age, were transferred to nearby USC Medical center. The girl holding the firearm "didn't mean to" shoot the 15-year-old girl, he said, according to the station.

isis-killer-beheading-video-story-top Groundhog Day: She was in the thick of things
Feb 04, 2018 - 02:05
Groundhog Day began as a German Pennsylvania custom in the 18th and 19 centuries but has its origins in ancient Europe. He's a beloved rodent who averages about 40 percent on the accuracy scale when it comes to predicting the weather.

isis-killer-beheading-video-story-top Have The Spice Girls Agreed To A Full Reunion?
Feb 03, 2018 - 09:53
Speaking about their possible reunion, a source told The Sun: "This is the pop reunion no one thought would ever happen again". Music manager Simon Fuller is said to be behind the venture which will reportedly see the girls pocket nearly $9 million each.

isis-killer-beheading-video-story-top Polish Lawmakers Approve Controversial Holocaust Bill Despite International Criticism
Feb 03, 2018 - 09:51
Poland was attacked and occupied by Nazi Germany in World War II, losing six million of its citizens including three million Jews. More than three million Polish Jews ― about 90 percent of the country's Jewish population ― were murdered during the Holocaust .

isis-killer-beheading-video-story-top Microsoft Surface Laptops now available at a discounted price
Feb 03, 2018 - 09:49
Now, if you can survive with a little less onboard storage, you don't have to burn so much of it. The new Surface Book 2 is aimed at people who need a device with lesser storage.

isis-killer-beheading-video-story-top Portia de Rossi makes Ellen DeGeneres tear up with birthday gift
Feb 03, 2018 - 09:48
She then played a video that introduced the audience to conservationist Dian Fossey, who also wrote " Gorillas in the Mist ".

isis-killer-beheading-video-story-top Meghan Markle Wears Chic Pantsuit For First Evening Engagement With Prince Harry
Feb 03, 2018 - 09:46
Either way, Kate has made her mind already and has no intention of changing her plan. Her co-presenter said: "Excuse me - we've got different notes".

isis-killer-beheading-video-story-top Kenya's top TV stations still off the air amid crackdown
Feb 03, 2018 - 09:46
The African Union and the European Union also asked political players to respect the law and the Constitution and choose dialogue. He claims he has instructions from above not to allow me or anybody to serve the Court Order suspending the media shutdown.

isis-killer-beheading-video-story-top Bell Let's Talk supports city mental health initiative with a $20000 grant
Feb 02, 2018 - 03:37