Published: Tue, February 06, 2018
Markets | By Noel Gibbs

Markets recover some losses; Sensex down 407 points

Markets recover some losses; Sensex down 407 points

Nifty 50 fell 168.20 points or 1.58 percent to 10,498.30.

At 9:26 am, the Sensex was trading 991 points or 2.85% lower at 33,765. On Monday, the U.S. 10-year treasury yield hit a recent high at 2.86% per annum, which led to a selloff in some of the major Asian markets.

The BSE Sensex after scaling an all-time high of 32,687.32 points at the outset, finally ended 200.95 points to end at a new peak of 32,633.64, breaching its previous record of 32,575.17 hit on August 1 and also broke its intra-day record of 32,686.48 reached on August 2. "If this kind of market fall continues then the inflows may fall by half", said a senior equity fund manager from a private fund house on condition of anonymity.

The BSE Sensex rose by 200.95 points to close at an all-time high of 32,633.64 as investor optimism climbed following encouraging comments from the International Monetary Fund chief. The NSE Nifty was 344 points down at 10,322.

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Tata Steel and Bharti Airtel were the gainers on the BSE, while the top losers were Tata Motors, Tata Motors (DVR), Tata Consultancy Services, Hero MotoCorp and Kotak Bank.

At 12.08, the indices had pared slightly with Sensex reducing losses to 311 points while Nifty was down by 96 points. "We couldn't have shifted budget's date, global meltdown in stock exchange came at very wrong time for us.Following budget on 1st Feb, even after declaring there is long term capital gain tax, market was okay at end of day". Market breadth was negative with 140 stocks rising against 1829 falling on the BSE.

At 2:51 pm: The Indian markets recovered sharply from the opening losses.

BSE Sensex traded lower by 999.67 points, or 2.9 percent, to 33,757.49.

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Nifty 50 fell 390 points to 10,276.30 in opening trade.

Adhia said the 10% tax on long-term capital gains (LTCG) is a "subsidised rate" as such gains on sale of unlisted scrips and immovable property are taxed at 20%.

The Dow Jones Industrial Average saw its steepest ever one-day point drop, wiping 4.6 per cent off the value of America's 30 largest companies to finish at 24,345.75, havingat one point plummeted almost 1,600 points to a low of 23,923.88.

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