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Stock market's rapid meltdown


If someone was asked to explain the term 'volatile', how the stock market behaves all the time, could be the perfect illustration. A moment, and a news floating, whether from the US or within the Indian Economy, completely alters the market sentiment, though, in recent times, what the market has witnessed is a significant downslide only. The fact that notable stocks such as Aditya Birla Money, L&T Finance Holdings and GAIL(India) recorded their 52 week lows the past week, clearly elucidates the stock market woes.

One of the major factors that conspired towards the decline has been 2019's Union Budget. Increase in minimum public shareholding to 35%, higher tax incidence on Foreign Portfolio Investors(FPIs) and high net worth individuals, and a 20% tax on share buybacks spooked investor confidence leading to a steep fall in the market indices with most of the stocks ending up in the negative red. Scam revelation by Punjab National Bank(PNB) of 3800 crores INR added fuel to the fire, leaving banking stocks tumbling.


The Auto Sector suffered major blows with Maruti Suzuki India, recording it's lowest close in the past two years. The Indian Rupee went close to 72 against the USD, due to the FII outflows and weak equity sentiment.


To conclude, it has been a season of gloom. A likely exemption to Foreign Portfolio Investors from a tax on the super-rich announced in the budget can be the ray of optimistic light this market has been searching for.

Is this measure good enough to cause a turnaround remains to be seen from Monday's opening bell!


By Manya Gupta 

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