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Sensex, Nifty fall nearly 1% each on STT hike, other concerns

After the government increased the Securities Transaction Tax (STT) Sensex on futures and options contracts as well as other amendments in the Finance Bill 2023, Indian stocks suffered losses for the third week in a row due to volatility and widespread selling.

The Clever 50 file declined 0.77 percent to close 131.90 focuses at 16,945.05, breaking the mental degree of 17,000. At 57,527.10, the S&P BSE Sensex ended the day 398.18 points, or 0.69%, lower. Weekly losses of around 1% were recorded by both benchmarks.

The Media, Metal, Realty, and PSU Bank sectoral indices all ended in the red, with the greatest losses. Throughout the session, IT remained strong, despite a few small losses.

After Bajaj Finance, Tata Steel, Reliance Industries, HCL Tech, SBI, Larsen & Toubro, Mahindra & Mahindra, Axis Bank, and Titan, which all experienced declines of 3.81 percent, Bajaj Finserv suffered the greatest loss among the constituents of the Sensex.

Wipro, Asian Paints, Infosys, Tech Mahindra, Power Grid, and Kotak Mahindra Bank were among the gainers.

Debt mutual funds (MFs) will now be eligible for short-term capital gains under the amended Finance Bill if they invest less than 35% of their assets in equity.

The Finance Bill 2023 amendments call for raising the Security Transaction Tax (STT) on the sale of options and futures as of April 1, 2023. This will result in an increase in the price of trading futures and options (F&O). The STT applicable to the sale of options has been increased by 23.52 percent, according to the amendment to Finance Bill 2023 that was presented on Wednesday and passed by the Lok Sabha.


“The signals from both the domestic and global markets were muted. The changes to the tax code and the removal of debt mutual fund indexation benefits had a significant impact on the asset management industry. The weaker European markets and rising CDS spreads caused by banking stocks contributed to the volatility. Despite warnings of slower growth, selling in the IT sector was limited, despite all major sectors trading lower.

The Bank Nifty, on the other hand, lost 221 points, or 0.56%, to finish at 39,395. On Friday, 41 components of the Nifty 50 experienced losses.

“On the final day of the week, bears took control of the Bank Nifty, and the index ended the week on a negative note. Until the index crosses the 40000 level, a selloff remains in an uptrend. A break below 39000, which serves as immediate support on the downside, will result in a sharp decline. “The momentum indicator RSI trading in the bearish zone confirms the weakness in the trading index,” stated Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.

In the meantime, the rupee lost 25 paise against the US dollar to end at 82.45.

Brent crude, the global standard for oil, decreased by 1.7% to $74.60 per barrel.

According to exchange data, foreign portfolio investors sold equity worth 995.01 crore on Thursday after a day’s rest.

Disclaimer: The perspectives and proposals given above are of individual examiners or broking organizations. Before making any investment decisions, we recommend that investors conduct due diligence with licensed professionals.


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