Budget 2018: Equity indices plunge on LTCG tax rate announcement
Mumbai: Key Indian equity indices plunged after Finance Minister Arun Jaitley on Thursday announced in his Budget speech long-term capital gains (LTCG) tax rate at 10 per cent for gains exceeding Rs 1 lakh.
Around 12.45 p.m., the wider Nifty50 of the National Stock Exchange (NSE) fell by 59.70 points or 0.54 per cent to trade at 10,968 points.
On the BSE, the barometer 30-scrip Sensitive Index (Sensex) shed 411.99 points or 1.15 per cent to 35,553.03 points.
The BSE market breadth was bearish with 1,676 declines and 897 advances.
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 Nifty50 fell by 21.95 points or 0.20 per cent to close at 11,027.70 points, while the Sensex closed lower by 68.71 points or 0.19 per cent at 35,965.02 points.