LTCG imposed to check tax base erosion, boost manufacturing, says government https://t.co/nZYksDRTo0— Livemint (@livemint) February 5, 2018
Market Wrap: Sensex closes 309 points lower, Nifty below 10,700, private bank stocks fall
BSE Sensex closed lower by 309.59 points at 34,757.16, while the Nifty 50 fell 68.05 points to close at 10,692.55. Here are the latest updates from the markets
Last Modified: Mon, Feb 05 2018. 05 10 PM IST
- 3.34 pm ISTClosing bell
- 2.58 pm ISTBrooks Laboratories facility gets EU GMP certificate
- 2.55 pm ISTRupee trades lower against US dollar
- 2.18 pm ISTMarket update
- 2.15 pm ISTKalyani Investment posts profit in December quarter
- 2.12 pm ISTWestlife Development shares surge over 6%
- 2.08 pm ISTEveready Industries shares fall nearly 5%
- 1.07 pm ISTPSU Bank stocks trade higher
- 11.58 am ISTMarket update
- 11.55 am ISTLTCG imposed to check tax base erosion, boost manufacturing, says government
- 11.50 am ISTStronger orders drive January services growth to three-month high
- 11.10 am ISTBharti Airtel shares rise over 4%
- 11.05 am ISTSteel Strips Wheels shares fall 5% as sales decline in January
- 10.23 am ISTMarket update
- 10.20 am ISTTata Motors shares rises ahead of earnings
- 10.17 am ISTInox Wind shares decline after Q3 result
- 9.42 am ISTIT stocks trade higher
- 9.40 am ISTPC Jewellers shares surged about 25%
- 9.37 am ISTUnion Bank shares fall on December quarter loss
- 9.35 am ISTRupee weakens against US dollar, bond prices fall on global cues
- 9.32 am ISTMarket update
- Mumbai: Benchmarks BSE Sensex and NSE Nifty 50 fell for a fifth straight session on Monday in line with broader Asia following a U.S. market rout on Friday, while worries remained that the Reserve Bank of India would turn more hawkish at its policy meeting later this week, Reuters reported. Investors remained concerned that the government widened its fiscal deficit target for the year starting in April to help finance higher spending in rural sectors and healthcare. The government also imposed a 10% LTCG tax for equity investments of more than one year. Investors will also keep an eye on the Reserve Bank of India’s interest rate decision on 7 February. Here are the latest updates from the markets:
- 2.55 pm IST Rupee trades lower against US dollarThe Indian rupee and bond prices fell, tracking losses in global equities and currencies markets. The rupee was trading at 64.12, down 0.08% from its previous close of 64.06. The home currency opened at 64.22 and touched a low of 64.23 a dollar. The 10-year bond yield was at 7.583% from its previous close of 7.562%.
- 11.55 am IST LTCG imposed to check tax base erosion, boost manufacturing, says governmentGovernment says exempting LTCG from tax was inherently biased against manufacturing and encouraged diversion of investment to financial assets.
- 11.50 am IST Stronger orders drive January services growth to three-month highActivity in India’s services sector grew at the fastest pace in three months in January, underpinned by a recovery in new orders that prompted companies to sharply increase hiring, a private survey showed on Monday. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 51.7 in January from December’s 50.9, holding above the 50 mark that separates growth from contraction for a second month.
- 9.40 am IST PC Jewellers shares surged about 25%PC Jewellers Ltd shares surged nearly 25% to Rs450 after falling 60% on Friday in intraday on the speculation that it its promoter might have business relationship with IT firm Vakrangee, which according to Mumbai Mirror is being probed by Sebi for possible stock manipulation. Valrangee shares hit another 10% lower circuit. The stock plummeted over 45% in last six sessions.
- 9.35 am IST Rupee weakens against US dollar, bond prices fall on global cuesThe Indian rupee and bond prices fell, tracking losses in global equities and currencies markets after strong job data speculated that US Federal Reserve may boost interest rates next month. The rupee was trading at 64.19, down 0.19% from its previous close of 64.06. The home currency opened at 64.22 and touched a low of 64.23 a dollar. The 10-year bond yield was at 7.62% from its previous close of 7.562%.
First Published: Mon, Feb 05 2018. 09 34 AM IST