X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
Investing in India? Get Equitymaster Research  
Indian markets slide post the Budget speech 
(Sat, 28 Feb 01:30 pm) 
 
Post the conclusion of the Budget speech, the Indian markets have slipped into the negative territory. The BSE-Sensex is trading lower by 253 points (down 0.9%), while NSE-Nifty is lower by 60 points (down 0.8%). Barring oil and gas and banking sectors, all the sectoral indices are witnessing selling pressures. FMCG and Power stocks are the biggest losers in the pack. Midcap and small cap stocks are trading in red as well, with BSE Mid Cap and BSE Small Cap indices down by 1.30% each.

The Finance minister has stated that GAAR (General Anti-Avoidance Rules) will be deferred by two years. This will be a big relief to the foreign investors. Consequently, GAAR will be applicable prospectively from April 2017 onwards. It is noteworthy that GAAR was originally proposed in 2012 and was supposed to come into effect on April 1, 2013. However, later it was deferred by two years. Now, Finance minster has extended it further to April 1, 2017. Under the GAAR regime, the Indian authorities can refuse tax benefit to any arrangement entered with an intension to avoid tax. This system could have taxed the foreign investors that route investments in India through various tax havens.

On the taxation front, Mr. Arun Jaitley has introduced 2% surcharge on super rich and has abolished wealth tax. The target date for implementation of GST has been set around April 2016. The custom duty on 22 items has been reduced and the excise on leather upper shoes is cut by 6%. The service tax has been increased from 12.3% to 14%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives  RSS
Read the latest Market Commentary
 
BSE-30
 

 
Go
 

Equitymaster requests your view! Post a comment on "Indian markets slide post the Budget speech". Click here!

  
 

S&P BSE SENSEX


May 26, 2017 (Close)

MARKET STATS