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Sensex falls over 300 points on capital gains tax proposal

The NSE Nifty also sank below the 11,000-mark during the Budget presentation.

Benchmark Sensex crashed over 300 points in afternoon trade on Thursday after Finance Minister Arun Jaitley announced 10% tax on some long term capital gains in his Budget speech.

The NSE Nifty also sank below the 11,000-mark during the Budget presentation.

Sentiment also took a hit after the fiscal deficit target for 2017-18 was raised to 3.5% of GDP as against 3.2% earlier.

The target for 2018-19 has been fixed at 3.3% as against the Fiscal Responsibility and Budget Management Act target of 3%.

In highly volatile trading, the Sensex crashed to 35,590.17, a steep fall of 374.85 points, or 1.04%.

The 50-share NSE Nifty dropped 117.20 points, or 1.06%, to 10,910.50.

All sectoral indices were weighed down by widespread selling, with consumer durables, metal, healthcare, realty and power falling by up to 3.20%.

Laggards included Dr Reddy’s, Sun Pharma, ICICI Bank, Infosys, Tata Steel, Bharti Airtel, SBI, ONGC, Maruti Suzuki and Reliance Industries, declining by up to 2.58%.

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