Sensex provisionally closes 551 points down

Mumbai, July 27 (IANS) Proposed new financial regulations to control black money, retrospective taxation and containment of the central bank’s powers subdued the Indian equity markets on Monday.

These factors led the barometer 30-scrip sensitive index (Sensex), of the S&P Bombay Stock Exchange (BSE), to provisionally close 551 points in the red on Monday.

Both the foreign as well as the domestic investors awaited more details on the new financial regulations that have been suggested by a slew of committees.

Foremost among their concerns are the inclusion of “P-notes” investments made by the foreign investors under the black money scanner.

The inclusion has been suggested by the special investigation team (SIT) on black money. The market is also seeking further clarity on the recommendations made by the Justice A.P. Shah committee on minimum alternate tax (MAT) and the new financial code.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also provisionally closed deep in the red. It closed at 160.55 points or 1.88 percent down at 8,361 points.

The S&P BSE Sensex, which opened at 28,117.65 points, provisionally closed at 27,561.38 points (3.30 p.m.), down 550.93 points or 1.96 percent from the previous day’s close at 28,112.31 points.

The Sensex touched a high of 28,117.65 points and a low of 27,529.57 points in the intra-trade.

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