4.6 Lakh Crore wiped Out From Indian Stocks In One Day
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You read it right. We are not here to reveal about a scam under the NDA government or anything on those lines. We are talking about the traders and investors, who pump in crores of rupees every day into our financial system. After the Modi-Jaitley budget tumbled, the investors reportedly lost to a tune of Rs 4.6 Lakh crores in just two days. Just before the budget, the Bull was on a high and creating all-time records. It just took one announcement from Finance Minister Arun Jaitley to put a check to the ranging Bull’s run.
After Jaitley announced that long-term capital gains are taxable, there has been a sense of insecure feeling among the traditional investors. Similarly, after the revision of Fiscal Deficit from 3.2% to 3.5% of the GDP, a wave of uncertainty hinted towards the unstable economic system. Meanwhile, Jaitley justified the Fiscal Deficit revision by stating that, it would allow the government to spend more on various welfare schemes. These measures are definitely not what the markets were looking for.
Sensex touched the 36,400 mark on Jan 29 at 1330hrs. After the budget sessions began, it slipped to 36,180 points on Feb 1st 1400hrs. Soon, it nosedived below 36,000 the same evening. It closed at 35,018 today. This shows how badly the markets were affected by the Arun Jaitley’s budget.