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Sensex down 209 pts, Nifty at 11,481

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Mumbai, July 9 (IANS) Sensex and Nifty fell during the early trade on Tuesday as the streets continued to react negatively to the Budget proposal.

This is the third straight session of loss after the Union Budget was proposed on Friday.

The proposal to increase minimum public shareholding of listed companies to 35 per cent, tax on buybacks, and especially the surcharge on foreign portfolio investors has not been received well by the investor community.

At 9.16 a.m., the Sensex was trading 209.24 points lower at 38,511.33. It opened at 38,754.47, from its Monday’s close of 38,720.57, when the markets logged record fall and the Sensex ended 792 points lower.

The Nifty declined by 77.35 points or 0.67 per cent to 11,481.25.

Except for metal and pharma stocks all the sectoral indices were trading in the red.

Tata Consultancy Services, set to announce its quarterly result, later in the day, was trading 1.52 per cent lower during the early trade.

Equity markets were expecting some kind of fiscal stimulus from the budget but there has been a big disappointment," said Rusmik Oza, Head of Research, Kotak Securities.

 

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