Finance Minister Nirmala Sitharaman hiked capital gains tax

Sensex plunged on budget day. The full budget presentation on July 23 was an important day for Indian markets. Finance Minister Nirmala Sitharaman announced new changes in the tax structure (share market) and increased the long-term capital gains tax for investors from 10 percent to 12.5 percent. And after him, the senses went down. Although it started with a fall this morning, quite a bit of a rise was noticed in the market (Union). But the market fell again by 1103 points. Although much stability returned to the market later, But the Sensex is still in the red.

In the budget today, Finance Minister Nirmala Sitharaman said that the long-term capital gains tax on investment in any kind of asset will be 12.5 percent instead of 10 percent from now on. That is, if an asset is bought and sold after 1 year, 12.5 percent tax will be levied on its profit. Disappointing news for investors. And after getting this news, the stock market started falling.

However, Sensex rose 130 points to 80,635 points this morning. On the other hand, Nifty 50 was also in the range of 24,538 points. Then there was flat trading. The Sensex fell 45.88 points as the finance minister’s budget presentation began at 11 a.m. Nifty also fell to 44.90 points. The Nifty Smallcap and Midcap indices were also down 0.35 percent in the morning.

By 12:30 PM, the Sensex fell to 834.57 points. Sensex fell 1.04 percent to 79,667 points. On the other hand, Nifty fell by 27.85 points. However, in today’s market, the finance, auto, and banking sectors have given a run. Shares of Ultratech Cement, Mahindra & Mahindra Trade, HDFC Life Acre Motors, Grasim Industries, etc. rose today on the Nifty. On the other hand, shares of Sriram Finance, HCL Tech, ONGC, HDFC Bank, Divis Lab, etc. have seen the biggest fall.