Blood bath in the markets, Sensex sheds 770 points

IOC ICICI Bank among top stocks buzzing in trade today

The fall in the share market happened on Thursday as Arun Jaitley announced in his Budget speech long-term capital gains (LTCG) tax rate at 10% for gains exceeding Rs 1 lakh.

The 50-share NSE Nifty slumped 238.40 points, or 2.16 per cent to 10,778.50 points at 1500 hours.

The benchmark BSE Sensex ended the session down 839.91 points or 2.34 percent at 35,066.75 while the broader Nifty index tumbled 256.30 points or 2.33 percent to close at 10,760.60.

The Sensex touched a high of 36,136.40 points and a low of 36,021.88 points in the trade so far.

Sensex and Nifty took a beating on Friday, post the budget presention.

Meanwhile, market expert Sunil Shah stated that the plunge was testament to the fact that the market did not accept the Union Budget 2018-19, which was presented on Thursday. Investors were also miffed as the fiscal deficit target for FY2018 was extended to 3.5% of GDP in the Budget, from 3.2% pegged earlier.

They also say foreign investors will flock to countries like Singapore and Dubai, which do not tax long-term capital gains.

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Market breadth was negative with 182 advances against 2,009 declines.

Besides, investors were also told to pay another 10 per cent tax on distributed income from equity-oriented mutual funds.

Bajaj Automobiles was the loser of the day, down by 4.90%, followed by scrips posting a 4% average loss- Bharti Airtel, Axis Bank, Maruti, Reliance, Tata Steel.

Most Asian markets were lower in their opening trade.Hong Kong's Hang Seng was down 0.30 per cent, Japan's Nikkei shed 0.64 per cent and Shanghai Composite Index was down 0.41 per cent.

The S&P BSE Realty Index's was dragged to a low of 6.3%.

Heavy selling pressure in banking, capital goods, auto, consumer durables, and oil and gas stocks added to the downward trajectory of the indices.

European stocks ended Thursday's session in the red, extending losses for the fourth straight session on worries over rising bond yields after USA policymakers raised their forecast for inflation.

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