Sensex sheds 97 pts as China triples tax on share-trading

Sensex sheds 97 pts as China triples tax on share-trading
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First Published: Wed, May 30 2007. 11 12 PM IST
Updated: Wed, May 30 2007. 11 12 PM IST
By PTI
Mumbai: India’s key stock market index today tripped and fell by 97 points as investors began selling after other Asian markets turned weak following China’s decision to triple the tax on securities transaction.
Initially, the markets showed signs of a fresh rally but turned negative after China’s decision caused Asian stocks to fall across the board, market players said.
Touching the intra-day high of 14,576.37 at the outset, the benchmark Sensex later came under pressure and dipped to a low of 14,379.21 before ending the day at 14,411.38, a loss of 96.83 points or 0.67% that also marked the end of a three-day advance.
The BSE barometer had added 290.10 points or 2.04% in the last three sessions.
The broader S&P CNX Nifty of the National Stock Exchange (NSE), which hit a new intra-day high of 4,301.60, later fell back to close at 4,249.65 from previous close of 4,293.25, a net fall of 43.60 points or 1.02%.
While operators seemed interested in squaring up ahead of the expiry of May contract in the Futures and Options, the development in China triggered all-round profit selling in shares. China’s decision to raise the stamp duty on stock trading is expected to hurt the global market sentiment.
In Asian markets, Shanghai Composite tumbled by 6.5 per cent, Hang Seng by 0.86 per cent, Nikkei by 0.48 per cent and Straight Times by 0.45 per cent.
The engineering heavyweight L&T, however, shined with a strong 7.39 per cent jump on the back of outstanding fourth quarter performance.
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First Published: Wed, May 30 2007. 11 12 PM IST
More Topics: Money Matters | Equities |