Mumbai: Benchmark equity index Sensex fell nearly 600 points on Friday as investors were disappointed after the government proposed 10% long-term capital gains (LTCG) tax on equity gains above Rs1 lakh. “This (LTCG) may impact portfolio allocations, discourage longer term investments and result in reduced capital inflows into the share market,” said Care Ratings. Investors were also worried after the finance minister revised upward its fiscal deficit target. Arun Jaitley in the budget revised his fiscal deficit target for 2018-19 to 3.3% of the gross domestic product (GDP) against the earlier target of 3%, after breaching the deficit target for 2017-18. Here are the latest updates from markets:
1.03 pm IST
Market update
BSE Sensex traded lower by 502.53 points, or 1.40%%, to 35,404.13, while the Nifty 50 fell 148.65 points, or 1.35%, to 10,868.25. Meanwhile, the BSE MidCap was down 2.28% and BSE SmallCap declined 2.93%.
1 pm IST
Modison Metals shares trade nearly 6% lower
Modison Metals Ltd reported a profit of Rs246 crore in the quarter ended December 2017 compared to a profit of Rs426 crore a year ago. Shares traded 5.92% to Rs75.50
12.15 pm IST
Market update
BSE Sensex traded lower by 555.56 points, or 1.55%%, to 35,351.10, while the Nifty 50 fell 155.95 points, or 1.42%, to 10,860.95.
12.13 pm IST
Godrej Properties shares fall as profit declines in December quarter
Godrej Properties Ltd reported a consolidated net profit of Rs25.94 crore in the December 2017 quarter, down from a profit of Rs77.24 crore a year ago. Consolidated revenue from operations stood at Rs627 crore versus Rs518 crore a year ago. Shares fell 1.95% to Rs793.
12.10 pm IST
Dr. Reddy’s Labs launched Tetrabenazine tablets
Dr. Reddy’s Laboratories Ltd said it has launched Tetrabenazine tablets, a therapeutic equivalent generic version of Xenazine, in the US market. Shares traded 0.61% up at Rs2170.
Realty stocks trade lower
Realty stocks slumped. DLF Ltd fell 8%, Unitech Ltd 7.3%, HDIL 6%, Indiabulls Real Estate 6%, Phoenix Mills 5%, Prestige Estate Ltd 5%, Sobha Ltd 4%.
11.17 am IST
Bitcoin hits 2018 low as concerns mount on regulation, viability
Bitcoin slumped as much as 15%, sending the digital coin to its low for the year, amid mounting concerns of increased regulation and the viability of the biggest cryptocurrency. After reaching a record high of $19,511 on 18 December, Bitcoin has lost more than half its value as the token has been weighed down by expectations of more government oversight globally, fears of price manipulation, the susceptibility of exchanges to hacking and lingering concern that it’s all just an asset bubble. Facebook announced a ban on cryptocurrency ads this week. (Reuters)
11.13 am IST
Yes Bank board approves issuance of $600 million notes
Yes Bank Ltd said the company’s capital raising committee approved issuance and allotment of notes for an aggregate principal amount of $600 million. Shares traded 3.95% down Rs344.95.
10.33 am IST
Market update
BSE Sensex traded lower by 566.96 points, or 1.58%%, to 35,339.70, while the Nifty 50 fell 158.05 points, or 1.43%, to 10,858.85.
10.30 am IST
Just Dial shares tank 25%
Just Dial Ltd slumped 25% on the back of higher volume. So far this year it declined 12%.
10.27 am IST
Market update
BSE Sensex traded lower by 410.74 points, or 1.14%%, to 35,495.92, while the Nifty 50 fell 115.80 points, or 1.05%, to 10,901.10.
10.25 am IST
PC Jeweller shares fall 57%
PC Jeweller Ltd slumped 57.39% to Rs206.05, its steepest fall since its listing to Rs254.75 on the back of higher volume.
10.20 am IST
Vakrangee shares fall 10%
Vakrangee Ltd hits 10% lower circuit. The stock fell for fifth consecutive sessions and declined nearly 40% in this period. The stock is falling since last few sessions due to news report that market regulator Securities Exchange Board of India (SEBI) is investigating an alleged share price and volume manipulation.