After touching fresh highs, key indices on Friday, day after Budget 2018, witnessed a bloodbath. The benchmark BSE Sensex nosedived to 830 points to clost at 35,066.75 while Nifty fell 256.30 points to reach at 10,760.60 mark. They also say foreign investors will flock to countries like Singapore and Dubai, which do not tax long-term capital gains. Rising interest rates domestically and tax on LTCG could result in minor reversal of this trend,” said Dhiraj Relli, MD & CEO at HDFC Securities. “Reaction of FPIs and the bond markets locally to the 3.3% fiscal deficit proposed in FY19 will be keenly watched in the background of rising rates abroad,” he added.

Source: dna February 02, 2018 10:47 UTC