Nifty Slumps 95 Points On First Day Of 2018; Heavyweights Drag

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Benchmark indices saw a sudden and sharp drop in the last 40 minutes of trade, after moving in a narrow band for the entire trading session.

Nifty Slumps 95 Points On First Day Of 2018; Heavyweights Drag

There were some worries that long term capital gains tax would be introduced for equity shares or the duration to define short term capital gains would be increased from one year to three years.

As sudden drop in heavyweight TCS, pulled the indices lower with the Nifty and the Sensex both retreating. The Sensex ended the day with losses of 244 points, while the Nifty dropped 95 points in trade.

Another heavyweight, Reliance Industries, which ended the day more than one per cent lower, also contributed to the drop in the indices. IOC, Indiabulls Housing and ITC managed to lend support.

Government owned banking stocks, which were seeing decent buying support in early trade lost ground. Among the losers were State Bank of India, PNB and Bank of Baroda.

What was interesting about the markets today was that debt ridden companies, saw a sharp surge in prices Lanco Infratech was locked at the upper end of the circuit filter, while IVRCL also ended at the 20 per cent circuit filter limit. Other stocks like Videocon, Orchid, Jayaswals Neco all saw tremendous buying support.

Meanwhile, the rupee was last seen trading at 63.57 to the dollar.

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Read more about: stocks, sensex, nifty
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