Sensex Crash: 5 reasons why Sensex is falling today
Feb 07, 2018, 00:59
The benchmark 10-year bond yield was down 3 basis points at 7.57 percent, after last week posting its biggest weekly decrease since February 2017.
At the closing bell, the key equity indices recovered but ended in the red.
With stunning gains in January, even after the carnage in the first session of February, benchmark Sensex and Nifty are down only 1% and 1.7%, respectively, so far this year.
Taiwan shares lost 5%, its biggest since in 2011 and Hong Kong's Hang Seng Index dropped 4.2%.
Indian stock markets were already under pressure after the government re-introduced LTCG-tax on equities in Budget-2018. However, Finance and Revenue Secretary, Hasmukh Adhia clarified the Indian government's stance and was quoted by The Times of India as saying that though the local markets were weak due to global markets being weak, the government would look into the situation.
Nifty 50 fell 307.95 points, or 2.89 percent, to 10,358.60. Asian markets saw a big decline today, following Friday's Wall Street selloff, with Japan's Nikkei falling almost 2.5 per cent.
The NSE Nifty index was trading 334 points down at 10,333, while the BSE Sensex was 1099 points down at 33,659 around 10:10 am (IST). The LTCG will essentially levy a 10 per cent tax on income gained via the equities market, and could have turned investor sentiment negative.
On Monday, the BSE Sensex was down by almost 310 points to a three-week low and the Nifty by 94 points at closing bell on heavy selling, mainly in banking, capital goods, and IT counters.
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. Among IT stocks, HCL Technologies (down 3.46%), Tech Mahindra (down 3.35%), TCS (down 3.16%), Infosys (down 2.25%), Oracle Financial Services Software (down 1.84%) and Wipro (down 0.97%) edged lower. On Monday, Wall Street recorded its biggest decline since 2008.
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