The Budget proposal announced by the Finance Minster Arun Jaitley on Thursday in the Parliament made Investors to lose Rs 5,00,000 crore in a single day in stock markets as stock markets faced bloodbath and BSE Sensex closed with a fall of 839.91 points.
Heavy selling pressure in banking, capital goods, auto, consumer durables, and oil and gas stocks added to the downward trajectory of the indices.
Stamping its biggest single-day fall in two-and-a-half years - the flagship BSE-Sensex crashed 840 points to close at 35,066, while the Nifty took a knock by 256 points to end below the 10,800-mark.
Around 10 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded higher by 63.35 points or 0.57 per cent at 11,091.05 points.
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Global cues also remain weak, with Asian markets trading broadly lower this morning as US corporate earnings disappointed and investors looked ahead to the U.S.jobs report due later today for clues on the interest rate outlook.
But short term capital gains tax continues to be at 15 percent.
The BSE market breadth was bullish with 1,495 advances and 636 declines. "Additionally, rising inflation and yield may push the RBI to be more hawkish on interest rate in the coming monetary policy". The gauge had gained 232.81 points to close at a new peak of 36,283.25 after scaling an all-time intra-day high of 36,443.98 in yesterday's trade. Persistent Systems (down 1.99%), MphasiS (down 1.77%), Hexaware Technologies (down 0.95%), Oracle Financial Services Software (down 0.85%), MindTree (down 0.68%), Wipro (down 0.63%) and Infosys (down 0.23%), edged lower.
"A combination of global market volatility, imposition of longterm capital gains tax and dividend tax on mutual fund schemes coupled with nervousness caused by sharp rise in bond yields weighted on the market", said Abhay Laijawala, head of research at Deutsche Equities India.
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On the sectoral front, all 19 BSE indices closed in the red.
Other losers were Axis Bank, Maruti Suzuki, Reliance Industries, Tata Steel, M&M, HDFC Ltd, ICICI Bank, Hero MotoCorp, Kotak Bank, L&T, SBI, Tata Motors, Yes Bank, Adani Ports, IndusInd Bank, NTPC and HDFC Bank, losing up to 4.28%.
European stocks ended Thursday's session in the red, extending losses for the fourth straight session on worries over rising bond yields after USA policymakers raised their forecast for inflation.
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