Day after equity tax, 4.5 lakh crore investor wealth wiped out

IOC ICICI Bank among top stocks buzzing in trade today

Market observers said disappointing announcements in the Budget like on the LTCG tax and a higher-than-expected fiscal deficit target for 2018-19 dampened investors' risk-taking appetite.

The BSE Sensex closed 839.91 points, or 2.34%, down at 35,066.75.

The Sensex has touched a low of 35,295.70 points - shedding over 600 points - during the intra-day trade.

When trading started, the BSE index lost 199 points and Nifty lost 79 points to start trading 10,938.20 as they slipped below respective psychological marks of 36,000 and 11,000.

Technology companies lead stocks higher in midday trade
Facebook rose 3.5 percent after the company forecast rising ad sales, despite a dip in usage on the social media network. Advanced Micro Devices (AMD) jumped more than 3% after reporting an across-the-board fourth-quarter beat late Tuesday.

Moreover, eight out of every 10 stocks on BSE fell with the disappointment from the Budget due to the reintroduction of long-term capital gains tax and forecast of fiscal slippages continuing into Friday.

In his last full Budget before next year's general election, Jaitley stepped up government spending in rural areas while the fiscal deficit target for FY19 was pegged at 3.3% of GDP against an earlier target of 3%.

According to experts, the market didn't find any support from even global equities as most of the Asian markets traded the day with deep cuts amidst a sharp spike in U.S. bond yields.

The introduction of the long-feared long-term capital gains, or LTCG, tax on stocks roiled investors.

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She then spent three minutes straight breaking down Sunday's game and talking about real sports fans. The video starts off with Parks' mom ensuring her that her chin is still there.

All sectoral indices were weighed down by widespread selling, with consumer durables, metal, healthcare, realty and power falling by up to 3.20 per cent.

Bajaj Auto led the losses on the Sensex with a fall of 4.9% to Rs 3,242.60, followed by Axis Bank, Maruti Suzuki India, and Reliance Industries, which fell 4.1-4.3%.

Investors will also have to pay 10 per cent tax on distributed income from equity-oriented mutual funds.

Benchmark equity index BSE Sensex suffered its worst rout in more than two years today as the Budget proposals on taxing equities torpedoed investor sentiment.

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The sharp fall in Asian Markets amid concerns over rising bond yields was the main reason that constituted to the lukewarm performance of the stock markets.

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