Sensex Retreats From Record Level, Down by 162 Points

Arun Jaitley

Arun Jaitley

Mumbai: The benchmark indices plunged upto 1.72 per cent in late morning trade after Fitch Ratings said weak public finances constrain India's sovereign ratings, a day after Finance Minister Arun Jaitley presented the Union Budget on Thursday.

"Investors were disappointed with the LTCG tax coming in, over and above the securities transaction tax (STT) (paid on all stock trades)", said Anita Gandhi, whole time director at Arihant Capital Markets.

Bond yields hardened as well during the early trading hours of Friday expecting a hawkish stance from the Reserve Bank of India (RBI).They cooled off only after reports that the central bank will conduct open market operations and buybacks.

Which Insiders Are Selling Valero Energy Corporation (VLO)?
Highland Capital Management LLC's holdings in Valero Energy were worth $7,049,000 at the end of the most recent reporting period. Wall Street is only getting more bullish on the stock, with 9 of analysts who cover VLO having a buy-equivalent rating.

Investors will have to pay 10 per cent tax on distributed income from equity-oriented mutual funds, as per the Budget proposals announced yesterday.

Negative cues from the global markets also hurt sentiment.

In highly volatile trading, the Sensex crashed to 35,590.17, a steep fall of 374.85 points, or 1.04 per cent.

CAS clears 28 Russians of doping at 2014 Winter Olympics in Sochi
They can not wave the Russian flag at the event and, if they win, the Russian anthem will not be played. Kremlin spokesman Dmitry Peskov said Moscow will continue taking legal measures to defend its athletes.

In the broader markets, the S&P BSE mid-cap index dipped by 4.03 per cent and the small-cap index by 4.65 per cent. The government revised the deficit target for the year ending in March 2018 to 3.5% of gross domestic product (GDP). The government revised the 2017-18 fiscal deficit target from 3.2% to 3.5%, a deviation from the path of fiscal consolidation, an impact of the GST system.

"The fiscal policy continued on the path of consolidation, albeit at a slower pace than the previous projected path". Major Asian markets have closed on a mixed note.

Global markets have remained shaky since a few sessions over probability of rising inflation and high stock valuations. Japan's Nikkei 225 fell 0.69% after the Bank of Japan on Friday conducted a special bond purchase operation to stem the rise in Japanese bond yields. Separately, the Institute for Supply Management said its manufacturing index in January slipped to 59.1% from 59.3% in December.

Operation Olive Branch: 7 Turkish soldiers martyred
Seven Turkish soldiers were martyred on Saturday during Operation Olive Branch, according to a Turkish General Staff statement. Another soldier, the Turkish military said, was killed in clashes with the Kurdish forces.

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