Sensex Ends 398 Point Lower, Nifty Below 17,000. Bajaj Twins Down 3%

Stock Update: On the 30-Share Platform, Kotak Mahindra Bank, Infosys, Powergrid, Tech Mahindra were the only gainers. On the flip side, Bajaj Finserv, Bajaj Finance, Tata Steel were among the losers

In the broader markets, the BSE MidCap and SmallCap indices declined around 1.4 per cent each.  

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Equity Market ended Friday's session in red as investors saw new amendments brought in the Finance Bill 2023. Selling in US index futures and European markets also weighed.

 

At the closing bell, the S&P BSE Sensex was down 398 points, or 0.69 per cent, at 57,527 levels, while the Nifty50 ended at 16,945, down 132 points, or 0.77 per cent. 

 

The Finance Bill 2023 was passed by the Parliament with 64 new amendments.  The debt mutual fund (Debt MF) investors will no longer receive the long-term capital gain tax benefit like before. They will be taxed like bank deposits. It will be applicable from April 1. The government has also raised the securities transaction tax (STT) on the sale of future and option contracts by up to 25 per cent.

On the 30-Share Platform, Kotak Mahindra Bank, Infosys, Powergrid, Tech Mahindra, Asian Paints, and Wipro were the only gainers. On the flip side, Bajaj Finserv, Bajaj Finance, Tata Steel, Reliance, L&T, and SBI were among the losers. 

Among the specific stocks, Bajaj Finserv and Bajaj Finance, Adani Enterprises, Tata Steel, and Hindalco shed the most. Kotak Bank, Cipla, Infosys, Apollo Hospitals, and Dr Reddy were among the top gainers.

In the broader markets, the BSE MidCap and SmallCap indices declined around 1.4 per cent each.  

All of the sectoral indices ended in the red. Media, Metal, Realty, and PSU Bank dropped 2 per cent. Capital Goods, Oil, and Gas were down 1 per cent each. The volatility index, India VIX jumped over 5 per cent. 

On Thursday, the S&P BSE Sensex settled at 57,925, down 289 points or 0.5 per cent. The Nifty50 ended at 17,077, down 75 points or 0.44 per cent. 

Globally, US stock futures were over 0.5 per cent with Dow Jones and S&P 500 futures down 0.7 per cent and Nasdaq 100 declined 0.4 per cent. In the UK market tumbled nearly 2 per cent. Asian equities also ended mostly lower. Hong Kong's benchmark Hang Seng Index was down 0.7 per cent

The Rupee closed 22 paise lower at 82.48 per dollar against the previous closing of 82.26.