INSUBCONTINENT EXCLUSIVE:
Stock indices ended down 1 per cent on Monday after hitting record highs during the session owing to the selloff in index heavyweights such
as Reliance Industries, HDFC Bank and Tata Consultancy Services following their December quarter results.
The Sensex ended down 416.46
points, or 0.99 per cent, at 41,528.91 and the Nifty ended down 127.80 points, or 0.98 per cent, at 12,224.55
Earlier in the day, Sensex hit a record high of 42,273.87 and the Nifty touched an all-time high of 12,389.05 during the day
Kotak Mahindra Bank ended down 4.7 per cent at Rs 1,618, as the worst performer on the Sensex following its quarterly result
Reliance Industries, HDFC Bank and TCS, which released quarterly numbers on Friday, ended down 2-3 per cent
The India VIX jumped 9 per cent to 15.4
companies were slightly below expectations
head of research-institutional equities at Ambit Capital.
All the three companies have outperformed the Sensex in the last one year
20, the Sensex has gained 15 per cent.
The market had also got a boost from the US Federal Reserve towards the end of the year wherein it
maintained status quo on key policy rates and signaled constancy through 2020.
The first phase of the US-China trade deal was also
announced, removing a key overhang on the market.
All this is despite slowing economic growth, geopolitical tensions and concerns over
fiscal deficit targets being breached
Market participants are expecting a boost on the tax front in the upcoming Budget.
Antique Stock Broking said the Budget may be tilted
towards stimulating growth by extending the existing tax rebate to tax payers having an income up to Rs 10 lakh and the government may also
reduce or abolish longterm capital gains tax
