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Markets tank on Mauritius tax pact fears
Stock markets ended lower on Wednesday as foreign funds cut down their exposure over fears that equity inflows would take a hit after India\'s move to impose capital gains tax on investment through Mauritius.
Sensex slipped by 175 points while Nifty sheds 39 points
Mumbai: Stock markets ended lower on Wednesday as foreign funds cut down their exposure over fears that equity inflows would take a hit after India's move to impose capital gains tax on investment through Mauritius. Besides, a mixed trend in regional markets and Europe, which fell towards a one-month low on drop in crude oil prices, also hit trading sentiment here.
Retail participation, however, was positive with the BSE mid-cap rising 0.17 per cent and small cap index falling by a marginal 0.03 per cent. The benchmark BSE Sensex after opening lower at 25,548.97 slid to a low of 25,409.24. However, value-buying in several blue-chips helped trim losses and the index finally settled 175.51 points or 0.68 per cent lower at 25,597.02.
The gauge had gained 544 points in the past two sessions. The 50-share Nifty also succumbed and after breaking below the crucial 7,800-mark in early trade hit a low of 7,780.90 before recovering partially to close 38.95 points or 0.49 per cent at 7,848.85.
Investors have turned cautious with the announcement that India will begin imposing capital gains tax on investments routed through Mauritius from April next year under a revised tax treaty to curb tax evasion and round-tripping of funds - a move that may have a significant bearing on capital flows from the island nation.
Of the 30-share Sensex, 23 scrips fell. Major losers were Bharti Airtel (2.55 pc), SBI (2.30 pc), Tata Motors (2.26 pc), Dr Reddy's (2.02 pc), BHEL (1.87 pc), ITC (1.64 pc), Lupin (1.33 pc), HDFC (1.22 pc), ONGC (1.18 pc), Bajaj Auto (1.10 pc) and Infosys (0.95 pc). However, Axis Bank rose by 2.16 per cent, followed by Maruti Suzuki 1.12 per cent, Asian Paints 0.97 per cent, L&T 0.41 per cent and Tata Steel 0.32 per cent.
Among BSE sectoral and industry indices, telecom fell by 2.34 per cent, realty 0.88 per cent, power 0.75 per cent, IT 0.72 per cent and teck 0.65 per cent. The market breadth remained negative as 1,462 stocks ended lower, 1,097 closed higher while 160 ruled steady. Among other Asian markets, Japan's Nikkei ended 0.08 per cent higher. China's Shanghai Composite also ended 0.16 per cent higher while Hong Kong's Hang Seng closed 0.93 per cent down.
