The Sensex ended at 38,337.01, down 560.45 points, or 1.44%, while the 50-share Nifty closed at 11,419.25, down 177.65 points, or 1.53%. Sell-offs in mid- and small-cap stocks were sharp, with the BSE Midcap losing 1.99% and the BSE Smallcap index slipping 1.83%. Shrugging off pleas by foreign portfolio investors (FPIs) against the budget proposal for a super-rich tax, finance minister Nirmala Sitharaman said Thursday that FPIs may consider structuring as companies, as those registered as trusts will have to pay the proposed higher tax surcharge. So far in 2019, Sensex has gained 6.29%, while BSE Midcap and BSE Smallcap have fallen 8.81% and 9.49%, respectively. From 5 July (budget) till date, Sensex has been down nearly 4%, while BSE Midcap and BSE Smallcap have slipped in the range of 5-7%.

Source: Mint July 19, 2019 18:45 UTC