There was an atmosphere of disappointment in the Indian stock market on Friday. Because of this, there is a big drop in Sensex and Nifty. On the last trading day of the week, the Sensex dropped 560 points to end at 38,333. On the Nifty, it fell to 11,420 with a fall of 117.65 points.
Two-month low level
This level of the stock market is at a lower level of two months. Investors also felt the shock of this fall in the market and their Rs 2.09 lakh crore sank in one day. In fact, the market capitalization of the total listed companies on BSE was Rs 1,47,46,534.89 crore, which fell to Rs 1,45,37,286.35 crore on Friday. In this case, there is a deficit of more than Rs 2 lakh crore in just one day.
At the end of the business, shares of Mahindra and Bajaj Finance were closed down by more than 4%. At the same time, shares of Tata Motors, IndusInd Bank and Hero MotoCorp dropped by more than 3 percent. Friday evening for YES Bank was also disappointing.
Another bad day for YES Bank
Yes Bank’s shares broke down nearly 3 percent. Yes Bank shares at the end of business at Rs 83.25 Yes Bank’s stock has lost more than 16 percent since the bad quarterly results on Wednesday. In addition to Yes Bank, shares of Bajaj Auto, Kotak Bank, SBI, ICICI Bank, Maruti, Tata Steel, Tech Mahindra, ITC, L & T and HDFC Bank were also closed on the red mark.
Major Reasons for the Downturn in the Market
The main reason for the fall in the stock market is the statement of Finance Minister Nirmala Sitharaman on the surcharge of Foreign Portfolio Investors (FPI). In fact, on Thursday, Nirmala Sitharaman said in Parliament that the FPI will not be allowed any kind of surcharge on the surcharge. Explain that in the budget, the finance minister increased income from 2 to 5 million rupees annually, besides income tax, increase surcharge from 15 percent to 25 percent and earning more than 50 million to 37 percent. This increased the total tax on both groups to 39 per cent and 42.74 per cent, respectively.