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Budget belies stock market hopes
The Union Budget 2016 fell short of the crease for markets as the benchmark Sensex ran up heavy losses following a series of tax proposals but covered up much of the lost ground and closed lower by over 152 points on a flurry of buying activity by domestic institutions.
By
migrator
migrator
Mumbai
Sharp swings marked trading, with markets swinging some 850 points. Intra-day, it tanked nearly 660 points.Â
A series of tax proposals announced by Finance Minister Arun Jaitley in his Budget 2016-17 queered the pitch. Â
Soon after, buzz of a rate cut by RBI helped improve sentiment, which was hit mainly by a proposal for a higher dividend distribution tax on those earning more and a one on raising securities transaction tax in some categories.
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