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Equities close lower on Budget day on volatility infused by LTCG tax (Roundup)
Mumbai, Feb 1 (IANS) Wiping off initial gains, the key Indian equity indices closed trade on a lower note on Thursday as the re-introduction of long-term capital gains (LTCG) tax for investing in equities infused volatility in the market.
In his Budget speech, Finance Minister Arun Jaitley proposed to tax long-term capital gains on equities exceeding Rs 1 lakh at 10 per cent — which is expected to bring in Rs 20,000 crore.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) fell by 10.80 points or 0.10 per cent to 11,016.90 points.
On the BSE, the barometer 30-scrip Sensitive Index (Sensex) failed to hold the 36,000-mark and closed at 35,906.66 points — down 58.36 points or 0.16 per cent from its previous session’s close.
The BSE market breadth was bearish with 1,486 declines and 1,288 advances.
“Markets corrected marginally on Thursday after a volatile session on the back of the Union Budget,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Announcement of re-introduction of long-term capital gains (LTCG) tax for investing in equities led to some downward volatility mid session; however the markets later recovered.”
In the broader markets, the S&P BSE mid-cap index closed lower by 0.54 per cent, while the small-cap index closed flat.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 1,099.78 crore, while domestic institutional investors divested stocks worth Rs 358.50 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market saw volatility after the announcement of 10 per cent LTCG and a breach in fiscal deficit target for FY19 to 3.5 per cent and 3.3 per cent respectively.”
“Spiking government 10 year bond yield to 7.5 per cent is also creating some cautiousness among investors. Better forecasts for tax collection, rural spend, GDP growth and job creation are the positives of this budget which is expected to retain the sentiment in the market,” Nair added.
The Indian rupee weakened by 44 paise to close at 64.02 against the US dollar from its previous close at 63.58.
Sectorwise, the S&P BSE consumer durables index plunged by 400.18 points, followed by oil and gas index by 209.13 points and healthcare index by 200.65 points.
On the other hand, the S&P BSE capital goods index edged higher by 318.88 points, auto index by 174.22 points and FMCG index by 68.21 points.
Major Sensex gainers on Thursday were: Mahindra and Mahindra, up 4.44 per cent at Rs 797.35; Larsen and Toubro, up 2.77 per cent at Rs 1,455.80; IndusInd Bank, up 2.44 per cent at Rs 1,797; Bajaj Auto, up 2.12 per cent at Rs 3,409.50; and Asian Paints, up 1.89 per cent at Rs 1,152.45.
Major Sensex losers were: ONGC, down 4.06 per cent at Rs 195.10; Sun Pharma, down 3.99 per cent at Rs 556.25; Dr Reddy’s Lab, down 3.07 per cent at Rs 2,156.95; State Bank of India, down 2.30 per cent at Rs 305.55; and ICICI Bank, down 2.04 per cent at Rs 345.75.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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