Indian equity benchmarks ended in the negative territory on Monday, with benchmark index Sensex ended below its psychological level of 26,000-mark, while NSE Nifty settled at its lowest level since May, on fears of hike in long term capital gains tax after PM Modi’s comments on weekend favouring increasing tax contribution from various market participants, amid mixed cues from fellow Asian peers.
The 30-share barometer index of Bombay Stock Exchange, Sensex closed trade at 25,807.1, down by 233.6 points or 0.9 per cent, while the NSE Nifty ended at 7,908.25, down by 77.5 points or 0.97 per cent.
However, Finance Minister Arun Jaitley’s assurance on Sunday that there was no move to impose long-term capital gains tax on share transactions, failed to uplift the investors’ mood.
Meanwhile, trading volumes remained low as domestic and foreign portfolio investors were largely missing from the market due to year-end holidays.
During the day’s trade, the BSE Sensex touched intraday high of 26,008.57 and intraday low of 25,753.74, while the NSE Nifty touched intraday high of 7,970.05 and intraday low of 7,893.8.
The top losers of the BSE Sensex pack were Cipla Ltd. (Rs. 553.95,-4.94%), Lupin Ltd. (Rs. 1405.10,-2.78%), Tata Steel Ltd. (Rs. 380.45,-2.64%), Oil And Natural Gas Corporation Ltd. (Rs. 189.00,-2.07%), State Bank of India (Rs. 244.10,-2.07%), among others.
On the flip side, Hindustan Unilever Ltd. (Rs. 804.00,+1.65%), Bharti Airtel Ltd. (Rs. 296.25,+0.25%), Tata Consultancy Services Ltd. (Rs. 2294.00,+0.17%), ITC Ltd. (Rs. 225.05,+0.11%), Larsen & Toubro Ltd. (Rs. 1337.60,+0.05%), were among top gainers on BSE.
On the sectoral front, realty and metal sector stocks emerged as top losers, falling as much as 3.61 per cent and 2.85 per cent respectively.
The market breadth, indicating the overall strength of the market, was weak. On BSE, out of the total 2,931 shares traded, 655 advanced while 2,103 shares declined and 173 remained unchanged.