Equity markets tumble on global cues, LTCG tax reintroduction

Sensex slips below 36,000 ahead of GDP data ICICI Bank top loser

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.

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