INSUBCONTINENT EXCLUSIVE:
The S-P BSE Sensex and NSE Nifty 50 indexes plunged for a second straight session and were on track
to post biggest single-day decline in over nine months after the government proposed to increase the minimum public shareholding in listed
companies and to raise the tax incidence for foreign portfolio investors and high net-worth individuals in its Budget
"I have asked SEBI to consider raising the current threshold of 25 per cent to 35 per cent," Finance Minister Sitharaman said while
presenting the first Budget in Prime Minister Narendra Modi's second term in Parliament on Friday
The Sensex fell as much as 847 points to 38,666 in afternoon deals, and the NSE Nifty 50 index slumped 268.5 points to slide below the
crucial psychological level of 11,600
Here are 10 things to know:Auto and banking shares were among the worst performers in today's session amid broad-based
selling pressure.At 1:12 pm, the Sensex traded 682.03 points - or 1.73 per cent - lower at 38,831.36 while the Nifty was down 217.60 points
- or 1.84 per cent - at 11,593.55."Higher tax incidence proposed in the Budget for foreign portfolio investors and high net worth
individuals is spooking the markets," AK Prabhakar, head of research at IDBI Capital, told TheIndianSubcontinent in a telephonic
negatively," he added.Experts also said the new tax implications on listed companies are not in favour of investors
"The government has also proposed a 20 per cent tax on buy back of shares by the listed companies
The tax was earlier restricted to unlisted companies and with the introduction to tax share buy back, investors felt that the tax changes
are not investor friendly," Naveen Wadhwa of Taxmann told TheIndianSubcontinent.Selling pressure was broad-based as all the sector gauges
compiled by National Stock Exchange struggled with losses, led by a 5.5 per cent drop in the Nifty PSU Bank index
The Realty, Auto, Bank, Financial Services, Media and Private Sector Bank gauges also fell between 2 and 3 per cent each.Mid- and small-cap
respectively.In the Nifty 50 basket, 45 stocks declined, led by Hero MotoCorp which fell 4.8 per cent.ONGC, Bajaj Finance, Indian Oil, State
Bank of India, Larsen - Toubro, Grasim Industries, NTPC, Tata Motors, Bharat Petroleum, Maruti Suzuki, ICICI Bank and Eicher Motors were
among the losers, down between 2.77 per cent and 4.64 per cent.On the flipside, Yes Bank, HCL Technologies, Bharti Infratel, TCS and Tech
Mahindra were among prominent gainers.Market breadth was extremely negative as 1,431 shares declined on the BSE, against 252 that
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