The Finance Minister’s proposal to hike the securities transaction tax (STT) led to the benchmark Sensex plummeting by over 900 points, reaching below 79,515.64. The Nifty also fell below 24,300. Since then, the markets have eventually recovered.
On July 22, stock markets closed lower with benchmark Sensex dropping 102 points amid selling in index heavyweight Reliance Industries and Kotak Bank on muted earnings ahead of the Union Budget. The 30-share BSE Sensex dropped by 102.57 points or 0.13 per cent to settle at 80,502.08. The broader Nifty of the NSE dipped 21.65 points or 0.09 per cent to 24,509.25.
The benchmark Sensex while still in the red, is recovering slowly. Currently it is down by 253.62 points, compared to the 986.44 point plunge it faced after Finance Minister Nirmala Sitharaman proposed hiking up the securities transaction tax (STT).
The Nifty currently hovers around 24,467.45, down by 41.80 points.