Sensex falls on profit booking in opening trade
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The benchmark BSE Sensex dropped by 248 points in early trade on Monday due to profit booking by investors amid weak Asian cues.
Brokers said Prime Minister Narendra Modi favouring increasing tax contribution from various market participants in a “fair, efficient and transparent way”, too triggered selling in early trade.
The 30-share barometer declined by 248.45 points, or 0.95 per cent, to 25,792.25 with all the Sensex constituents trading in the red. The index had gained 61.10 points to settle at 26,040.70 points in the last session.
All sectoral indices led by metal, infrastructure, banking and PSU fell up to 1.03 per cent.
The NSE Nifty was also trading lower by 79.20 points, or 0.99 per cent, at 7,906.55.
The Prime Minister last week favoured increasing the tax contribution from various market participants in a “fair, efficient and transparent way” and promised more “sound and prudent policies and reform measures“.
Asking the regulators and taxmen to think about the contribution of market participants to the exchequer, Mr. Modi said had said that the low contribution of taxes may be due to the structure of tax laws. “Low or zero tax rate is given to certain types of financial income,” he had said in Mumbai.
However, to assuage market fears, Finance Minister Arun Jaitley yesterday said that there was no move to impose long-term capital gains tax on share transactions, an issue investors are hugely touchy about.
Apart from profit booking and sustained capital outflows by foreign funds, weak trends in other Asian bourses mainly dampened the sentiment.
In the Asian region, Japan’s Nikkei shed 0.09 per cent, while China’s Shanghai Composite Index fell 0.74 per cent in early trade today. Hong Kong, Singapore, Sydney, Kuala Lumpur, Wellington and Jakarta financial markets are closed today for a public holiday.
The Dow Jones Industrial Average ended 0.07 per cent higher in Friday’s trade.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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