The BSE Sensex and NSE Nifty rolled over 400 points in early trade on Thursday came down from 7700 levels. After two days of gains, the Goods and Services Tax (GST) of a possible delay in the introduction investors preferred to book profits. Capital outflows by foreign funds and a weak trend in other Asian markets also had an impact.
Sensex fell 402.98 points, or 1.57 percent, to 25316.60 arrived. During the last two sessions of the index gained 825.77 points. Meanwhile, the NSE Nifty was also below the critical level of 7,700 and 130.55 points, or 1.67 per cent down in early trading was trading at 7688.05. Brokers said profit-booking by speculators and sustained capital outflows by foreign funds in addition to the possibility of delays in the implementation of GST also affected market sentiment monsoon session of Parliament, the government yesterday again postponed a proposal.
The government had not prorogued the monsoon season in the hope that agreement on the GST, which will be by far the biggest economic reforms being counted. Meanwhile, in other Asian markets, Japan’s Nikkei, Hong Kong’s Hang Seng and Shanghai Composite index fell in early trade. The US Dow Jones Industrial Average fell 1.45 percent in early trade on Friday closed.
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