Budget Week: 252 stocks touched 52 week-low; Midcap index down 6.4%

BSE Sensex and NSE Nifty open lower on Wednesday

BSE Sensex and NSE Nifty open lower on Wednesday

While the Sensex dipped by 886.38 points to 35,026.40, Nifty declined by 241 points to 10,775.90.

In the run-up to the 2014 LS polls, Jaitley on April 20, 2014, had in Amritsar demanded that income tax ceiling be raised from Rs 2 lakh to Rs 5 lakh.

"To tax such long term capital gain exceeding Rs 1 lakh at 10 percent", said Jaitley in the Parliament.

The carnage at Dalal Street today shrunk the total investors' wealth by almost Rs 4.6 lakh crore.

European shares were trading lower for the fifth day running as the US government bond sell-off entered a second session on optimism over global growth and rising expectations of inflation.

Indian bonds rallied on Friday, recovering from losses that earlier sent benchmark 10-year yields up as much as 8 basis points, on a media report the central bank might buy bonds from the open market to support the country's weakening debt markets.

The Nifty 50 index fell 256.30 points or 2.33 per cent to end at 10,760.60, its lowest closing level since January 16, 2018. The upward revision to the fiscal deficit target to 3.3 percent from 3 percent for 2018-2019 also dampened sentiment.

Bajaj Automobiles was the loser of the day, down by 4.90%, followed by scrips posting a 4% average loss- Bharti Airtel, Axis Bank, Maruti, Reliance, Tata Steel.

On Wednesday, the benchmark indices closed in the negative territory on the back of negative global cues and heavy selling pressure in healthcare, consumer durables and capital goods stocks.

The small- and mid-cap stocks were hammered badly as many of them had risen too fast with their business fundamentals failing to keep pace with valuations. "Markets need to stabilise after such a major shakeout", said Arun Kejriwal, director of investment advisory firm KRIS.

The S&P BSE Realty Index's was dragged to a low of 6.3%.

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