INSUBCONTINENT EXCLUSIVE:
The S-P BSE Sensex and NSE Nifty 50 Indexes witnessed a sharp selloff in today's session and fell close at their worst levels since
mid-May as the investor sentiment was hurt after the Finance Bill for current financial year was passed in the parliament on Thursday
Passing of Finance Bill without amendments meant that the higher tax surcharge proposed for super rich in the budget was not rolled back as
requested by the association of foreign portfolio investors
The benchmarks registered their worst single day decline since July 8.The Sensex fell 560 points or 1.44 per cent to close at 38,337 and the
NSE Nifty 50 Index dropped 1.53 per cent or 178 points to settle at 11,419."Finance Bill has been passed in Parliament without any
Normally a lot of amendments happen when it goes to debate," AK Prabhakar, head of research at IDBI Capital, told
TheIndianSubcontinent."Somebody investing from abroad has a lot of choices and higher taxes make India a less lucrative to investment
destination," Mr Prabhakar added.Whatever hopes there were around the finance minister removing the surcharge on foreign investors have been
compiled NSDL showed.Selling pressure in today's session was broad-based as all the 19 sector gauges compiled by National Stock Exchange
ended lower led by the Nifty Auto Index's 3.3 per cent fall
Financial Services, Bank, PSU Bank, Private Bank, Pharma and PSU Bank sector gauges also dropped between 1.9 and 2.5 per cent each.Mid- and
small-cap shares also witnessed selling pressure as the Nifty Midcap 100 Index dropped 2.15 per cent and the Nifty Smallcap 100 Index
slumped 1.8 per cent.Mahindra - Mahindra, Bajaj Finance, Bajaj Finserv, Eicher Motors, IndusInd Bank, Yes Bank and Indiabulls Housing
Finance were among the top Nifty losers, down between 3.5 and 4.2 per cent each.On the flipside, NTPC, Titan, Coal India, TCS and Power Grid
were among the notable gainers in the Nifty.RBL Bank Ltd plunged 13.7 per cent to its lowest close since October 29 after the lender
highlighted risks to its asset quality, despite reporting a 41 per cent jump in quarterly profit.The overall market breadth was negative as
1,347 shares ended lower while 425 closed higher on the National Stock Exchange.(With inputs from Reuters)Get Breaking news, live coverage,
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