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Mar 30, 2012, 10.07 AM IST
The BSE Sensex stayed under pressure in afternoon trade as selling across sectors weighed on the market while the NSE Nifty was struggling at 5200 level. The Indian rupee too extended its fall, losing 26 paise to 51.43 a dollar.
The BSE benchmark dropped 1.77% or 307 points to 17,055 and the NSE benchmark was down 96 points to 5,182, underperforming global peers due to GAAR related selling.
New General Anti-Avoidance Rules (GAAR) provisions will be applicable from April 1, which means P-Note based transactions will now be subject to tax. Accordingly foreign institutional investors (FIIs) are revaluating all their PNs/ offshore derivative instruments now. Mauritius based FIIs will need to reassess strategy.
Oil & gas producers and index heavyweights ONGC and Reliance Industries slipped 1.9% each.
Shares of Infosys, TCS, Larsen & Toubro, SBI, Tata Motors, HDFC Bank, HDFC, Bharti Airtel and Tata Steel were down 1-2%.
Tilaknagar Industries tanked 4% after Tamil Nadu government proposed 14.5% tax on alcohol purchased from bars and restaurants while there is no tax on alcohol from TASMAC (Tamil Nadu State Marketing Corporation which enjoys monoploly in retail of Alcohol).
About three shares declined for every share rising on the National Stock Exchange.
The BSE Sensex continued to trade sharply lower since early trade, though it showed somewhat recovery. Shares of ITC and Wipro outperformed, rising 0.6% each.
The BSE Sensex plunged more than 250 points due to fresh waves of selling in index heavyweights. Tata Power, country's largest private power producer topped the selling list, falling 4%. The Indian rupee depreciated by 15 paise to 51.32 a dollar.
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