Sensex cracks over 839 points the day after Budget presentation
Mumbai, February 02: Sensex and Nifty took a beating on Friday, post the budget presention. Sensex shed 880 points and Nifty 256.30 points to reach 35,066.75 and 10,760.60 respectively.
The sharp fall in Asian Markets amid concerns over rising bond yields was the main reason that constituted to the lukewarm performance of the stock markets.
While HCL Technologies, ITC, and Bajaj Auto gained early, stocks of Yes Bank, Axis Bank, SBI, Adani Ports, ICICI Bank, Tata Steel and Kotak Mahindra Bank incurred early losses.
Meanwhile, the rupee was dropped by 6 paise and reached 64.08 against the dollar owing to concerns over widening fiscal deficit.
The government introduced a long-term capital gains tax of 10 per cent on stock market gains exceeding Rs 1 lakh in the Union Budget on Thursday which boosted volatility in the foreign exchange market.