Sensex opens in red, tanks 1000 points in opening hour

All sectoral indices on the BSE were trading in the negative terrain falling by up to 3.47

All sectoral indices on the BSE were trading in the negative terrain falling by up to 3.47

Mumbai: The long-term capital gains (LTCG) tax scare from the Budget proposals, combined with a global selloff due to rising borrowing costs, took a toll on Dalal Street on Monday.

BSE Sensex traded lower by 905.38 points, or 2.60 percent, to 33,851.78. Among other Asian markets Singapore was 2.3% off, Seoul dived 3%, Taipei lost 3.7%, Manila plunged 2.7% and Shan ghai gave up 2.1%. All these counters have started correcting and the way their short term charts are shaped up, we do not expect any relief soon in the market. Nifty too came under intense selling pressure falling 279 points or 2.6% at 10,388 level. The S&P BSE Mid-Cap index was down 624.32 points, or 3.77% to 15,935.23. In early trades in the United States on Monday, Dow Jones was down 0.4% while S&P 500 was nearly flat.

Investors also seemed cautious ahead of the RBI policy meet as they feel that repo rate might be increased amid inflation concerns, brokers said.

The rout came after United States stocks plunged in highly volatile trading on Monday, with the Dow industrials falling almost 1,600 points during the session, its biggest intraday decline in history, as investors grappled with rising bond yields and potentially higher inflation.

Domestic MFs witnessed total inflows of Rs 1.69-lakh crore in 2017.

So, the Spice Girls' could perform at the Royal Wedding reception
Although as a human being who paid actual currency for the Spice Girls first album, I'm clearly both a massive hypocrite and a bad person.

Considering the fall is driven by global factors, investors should stay long in Indian markets, said experts.

The correction had set in the market after the government re-introduced the on equity holdings in the presented on February 1.

The rupee depreciated by 16 paise to 64.22 against the United States dollar in early trade at the interbank forex market today owing to sharp losses in equity markets.

According to provisional data, foreign portfolio investors (FPIs), who had been making persistent purchases, net sold shares worth Rs 1,263.57 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,163.64 crore yesterday.

MSCI's broadest index of Asia-Pacific shares outside Japan slid 3.5 percent to a one-month low, which would be its biggest fall in more than a year and a half, a day after it had fallen 1.6 percent. Among the Asian markets, Nikkei in Japan closed 2.6% lower while in late session FTSE in United Kingdom was down over 1%. Australian shares dropped 3.0 percent to their lowest since October while South Korean shares fell 3.0 percent.

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