Sensex, Nifty tumble as Budget proposes to raise Securities Transaction Tax to 0.05 pc on commodity
Mumbai (PTI): Stock market benchmark indices Sensex and Nifty tumbled on Sunday afternoon trade after the Budget proposed to raise Securities Transaction Tax to 0.05 per cent on commodity futures from 0.02 per cent.
The government will tax buyback proceeds for all types of shareholders as capital gains, Finance Minister Nirmala Sitharaman said on Sunday.
After fluctuating in early trade, the 30-share BSE Sensex later bounced back but pared all gains amid the Budget presentation.
It later plunged 2,370.36 points, or 2.88 per cent, to slip below the 80,000-mark to 79,899.42 during the afternoon trade. The 50-share NSE Nifty tanked 748.9 points, or 2.95 per cent, to 24,571.75.
From the 30 Sensex firms, Bharat Electronics tanked 6.50 per cent. State Bank of India, HCL Tech, Tata Steel, Asian Paints, and Eternal were also among the laggards.
Sun Pharma, Sun Pharma, Kotak Mahindra Bank, and Tata Consultancy Services were the gainers.
"The increase in Securities Transaction Tax (STT), especially in futures and options, is likely to act as a marginal negative for foreign portfolio investor (FPI) flows in the near term, particularly for high-frequency and derivative-focused global funds," Aakash Shah, Technical Research Analyst at Choice Equity Broking, said.
Foreign institutional investors bought equities worth Rs 2,251.37 crore on Friday, according to exchange data.
Asian markets are closed on Sunday due to holidays. US markets ended lower on Friday.
On Friday, the Sensex declined 296.59 points, or 0.36 per cent, to settle at 82,269.78. The Nifty dropped 98.25 points, or 0.39 per cent, to end at 25,320.65.
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Rahul Gandhi joins Haryana Congress leader's 'Sadbhav Yatra' in Gurugram
Gurugram (PTI): Congress leader Rahul Gandhi on Friday joined the 'Sadbhav Yatra' of Haryana Congress leader Brijendra Singh here.
Gandhi, who is the Leader of Opposition in the Lok Sabha, reached Gurugram in the evening and joined the yatra. He also walked some distance with Brijendra, state Congress chief Rao Narender Singh and other leaders.
Huge crowds had turned up for the occasion.
Later, Gandhi proceeded to the venue where he addressed a public gathering.
Leader of Opposition in Haryana Bhupinder Singh Hooda and other Congress leaders, including Randeep Singh Surjewala, B K Hariprasad, state Congress chief Rao Narender Singh, were also present.
Brijendra Singh had on Thursday said it is a matter of joy for them that Gandhi was joining the 'Sadbhav Yatra' in Gurugram-Badshahpur, "thereby strengthening the Indian National Congress' campaign for brotherhood and harmony".
The 'Sadbhav Yatra' began from Danoda village at Narwana in Jind on October 5, 2025, and has covered 85 of the 90 assembly segments in the state.
The foot march was started by Brijendra Singh, son of Congress veteran Birender Singh, to highlight several national and regional issues.
State Congress chief Rao Narender Singh had asked all party leaders to take part in Friday's event.
Days before his yatra began in October, Brijendra Singh, who narrowly lost the 2024 assembly polls from Jind's Uchana Kalan, accused the ruling BJP of playing "divisive politics" and said that "sadbhav" (harmony) has come under stress in the last decade.
Brijendra Singh was a sitting MP from Hisar for the BJP when he resigned ahead of the 2024 general election and switched over to the Congress. He also alleged that the saffron party creates a wedge in society to achieve its political purpose.
The 'padyatra' has so far covered 85 assembly constituencies in Haryana, traversing more than 2,700 kilometres.
Addressing the public gathering, Brijendra Singh said the yatra is inspired by Rahul Gandhi's Bharat Jodo Yatra, where he took the party's vision and values directly to the people of the country.
Singh said the yatra has highlighted issues like "Vote Chori" (vote theft), unemployment, poor law and order situation, agrarian distress, and issues related to government employees, labourers and traders.
"Sadbhav (harmony) and bhaichara (brotherhood), which the BJP is attempting to weaken, are the messages of this yatra," he said, adding that its slogan is "Congress ka haath bhaichara ka saath".
"This yatra is a natural extension of the Bharat Jodo Yatra," Brijendra Singh said.
