Markets bleed day after Budget

BSE Sensex and NSE Nifty open lower on Wednesday

Benchmark Sensex ended over 58 points lower in highly volatile trade on Thursday after the 30-share index had plunged over 460 points in afternoon trade following the Budget.

Jaitley also revised the fiscal deficit at 3.5 percent of Gross Domestic Product (GDP) for 2017-18 and projected 2018-19 deficit at 3.3 percent of GDP.

The wider Nifty50 of the National Stock Exchange (NSE) fell by 21.95 points or 0.20 per cent to provisionally close (at 3.30 p.m.) at 11,027.70 points.

The index had retreated from its lifetime high by falling 249.52 points in the previous session.

The benchmark Sensex plummeted 840 points, posting its worst post-budget day decline since 2008.

A day after Budget 2018, the markets shuddered and benchmark indices fell sharply, a outcome of the new long-term capital gains (LTCG) tax and other factors, analysts said.

Analysts say the slump is a result of the introduction of LTCG tax+ has caused stir in the market which had been marching on a bull run till a couple of days ahead of budget. At 10.44 a.m, the Sensex was trading down 491.74 points or 1.37% at 35,414.92 with 27 components falling.

Long-term capital gains tax on equity investment dampened investor sentiment amid lingering worries that the Budget moves will lead to a spike in inflation and make the country's central bank turn hawkish.

"Reaction of FPIs and the bond markets locally to the 3.3% fiscal deficit proposed in FY19 will be keenly watched in the background of rising rates overseas", he added.

Selling activity gathered momentum in the broader markets, pulling down the BSE mid-cap index by 1.29 per cent and the small-cap 0.83 per cent.

All the sectoral indices on BSE ended in the red led by realty and infrastructure.

"Of the top 500 stocks by market cap, 66 are down more than 30 per cent from their 52-week high, while 123 stocks are down 20-30 per cent and 216 stocks are down between 10-20 per cent", Nilesh Shah, managing director of Kotak Mutual Fund, said in a tweet.

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