Monday, 26 December 2016

Nifty at over 7-month low, tests 7900; Sensex tanks 250 pts

The Nifty is at over 7-month low threatening to break the 7900-level. The 50-share index is down 79.90 points or 1 percent at 7905.85 and the Sensex is down 250.17 points or 0.9 percent at 25790.53. The market seems to be getting nervous as Prime Minister Narendra Modi suggested that people earning from financial markets must make a "fair contribution" to nation building. 

However, Finance Minister Arun Jaitley rejected possibilities of any hike in long-term capital gains tax on market participation and said Modi's speech has been wrongly interpreted. Cipla, Axis Bank, Adani Ports, ONGC and SBI are losers in the Sensex.

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