Equities end volatile trading day in red on Budget day (Fourth Lead)

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Mumbai, Feb 1 (IANS) Amid much volatility on Thursday as the Union Budget 2018-19 was presented, the key Indian equity indices provisionally closed trade in the red with heavy selling pressure in consumer durables, banking and healthcare stocks.

The wider Nifty50 of the National Stock Exchange (NSE) fell by 10.80 points or 0.10 per cent to provisionally close (at 3.30 p.m.) at 11,016.90 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex) closed at 35,906.66 points — down 58.36 points or 0.16 per cent from its previous session’s close.

The Sensex touched a high of 36,256.83 points and a low of 35,501.74 points during the intra-day trade.

The BSE market breadth was bearish with 1,454 declines and 1,324 advances.

At one point, both the indices plunged after Finance Minister Arun Jaitley announced in his Budget speech long-term capital gains (LTCG) tax rate at 10 per cent for gains exceeding Rs 1 lakh.

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“Rationalisation of LTCG as expected has arrived, though negative on sentiments but robust equity returns will absorb this 10 per cent if corporate earnings growth happen as expected,” said Kamlesh Rao, MD and CEO at Kotak Securities.

On Wednesday, the benchmark indices closed in the negative territory on the back of negative global cues and heavy selling pressure in healthcare, consumer durables and capital goods stocks.

The Nifty50 fell by 21.95 points or 0.20 per cent to close at 11,027.70 points, while the Sensex closed lower by 68.71 points or 0.19 per cent at 35,965.02 points.

–IANS

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