Foreign fund outflows and a negative global market trend also dampened sentiment in the domestic markets further.
Indian stock market indices Sensex and Nifty continued their decline from Budget day following Nirmala Sitharaman’s proposal to increase the securities transaction tax on futures and options. Foreign fund outflows and a negative global market trend also dampened sentiment in the domestic markets further.
Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)
What experts think about the stock market crash?
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Now that the steep increase in STCGs tax and the marginal increase in LTCGs tax on equity is a reality, investors should focus on investing in stocks which can deliver superior returns. In the present context FMCG stocks look attractive from the valuation perspective. Watch out for stocks like ITC and United Spirits. It is important to understand that the Budget strengthens the India Growth Story with focus on growth with financial stability.”
