Budget 2018: LTCG tax Effect, Sensex slips 500 points, Nifty below 11,000
Budget 2018: LTCG tax Effect, Sensex slips 500 points, Nifty below 11,000
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NEW DELHI: On Friday, the markets in early trading, gave a cold shoulder to Budget 2018 as the benchmark indicators tanked under key psychological markets.

Sensex mislaid 580 points to slip to intra-day short of 35,314.97. Nifty's intra-day short came at 10,826.50, almost 300 points less earlier closing mark.

Business Analysts say the fall is a consequence of the beginning of LTCG tax which caused rouse in the market had been striding on a bull run till a couple of days ahead of budget.

In his Analysis Business Expert Lakshmi Iyer "Near-term volatilities could be possible as market readjusts itself to budget announcements and LTCG as well", said Lakshmi Iyer, CIO - Debt & Head - Products, Kotak Asset Management.

When trading had commenced, the BSE index mislaid 199 points and Nifty lost 79 points to begin trading 10,938.20 as they sided below respective psychological marks of 36,000 and 11,000.

The bank stocks were down for the count the most with both Nifty Private Bank and Nifty Public Bank sub-indices trailing more than 2 percent each. Metal, financial service and auto stocks were also tanking. IT was the only sectoral sub-index to clutch strong point.

At 10.58 am, Sensex was losing 497 points while Nifty was in the red by 154 points. 

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