Sensex closes 561 points lower, Nifty fails to reclaim 10500

Long-term capital gain tax introduced in the Union Budget 2018 may not be the real reason for markets to fall

According to Moneycontrol, following the downfall, total market capitalisation of Bombay Stock Exchange (BSE) listed companies eroded by Rs. 4,94,766 crore to Rs. 1,43,00,981 crore.

Adding: "Indian market is performing in line with global in this down turn".

At the end of the first-hour Sensex stood at 33,820 with a loss of 937 points and Nifty stood at 10,383 with a loss of 283 points.Prominent scrips with USA link like Tata Motors, Axis Bank, Yes Bank and Idea cellular have taken a heavy beating.

The fall on Wall Street was due concerns that the Fed will hike interest rates thanks to an improving economy and to curb inflation.

The BSE Sensex opened the day lower by a little over 1,000 points before losing further ground to touch a low of 33,482.81 - down 1,274 points compared to Monday's close of 34,757.16. US wage data on Friday pointed to quickening inflation which may lead to higher rates by the US Federal Reserve.

BSE Sensex was down 561.22 points or 1.61 percent at 34,195.94.

Nifty 50 fell 186.50 points or 1.75 percent to 10,480.




At 12:22 pm: BSE Sensex is still over 1,000 points down.

Adhia said he will discuss the issue of the fall in local markets with the finance minister.

It also added, "The President's tax cuts and regulatory reforms will further enhance the USA economy and continue to increase prosperity".

"What happened on 2nd Feb & 5th Feb was mainly because of global shakeup".

Tata Motors tumbled 5.31% at Rs 375.

Indian markets are already under pressure after the government presented the budget on 1 February that focused on populist measures ahead of general elections in 2019 and imposed a long-term capital gains tax on equities.

A massive downturn in the global stock markets unleashed a selling frenzy on the domestic bourses during the day's trade. Earlier, the benchmark plunged 1,274.35 points on heavy unwinding suffered after a record-breaking loss on Wall Street after investors fret over rising U.S. borrowing costs.

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