The stock markets are trading down sharply on Monday, mainly on global cues that the US may raise interest rates which could see foreign investors pull out their funds from emerging markets like India.
The Bombay Stock Exchange's (BSE's) benchmark index -- Sensex -- and Nifty fell as much were heading towards their biggest single-day drop in three months as stronger-than-expected US jobs data raised expectation that the Federal Reserve would raise the interest rates sooner than previously thought.
Brokers and analysts also pointed out that most foreign institutional investors (FIIs) have been worried about the tax provisions proposed in the Budget which takes away more than it gives.
Around 2 pm, the 30-share Sensex was down by more than 500 points -- around 28,940 points, while the NSE's Nifty was down more than 160 points -- around 8,770 points. The major losers were old economy stocks like Sesa Sterlite and GAIL. The gainers were pharma major Dr Reddy's and Hindustan Unilever.
"The concerns regarding MAT has been a worry for FIIs, and in addition the US job numbers point at a possibility of a rate hike (in the US)," said Mayuresh Joshi, research head at Angel Broking. "Investors are also not very enthusiastic about corporate quarterly earnings which may not see a major growth," he added.
A group of FIIs recently met finance minister Arun Jaitley when he was in Mumbai over the weekend to understand the government's stance on tax provisions for FIIs.
Although the budget proposed that FIIs would be exempt from paying minimum alternate tax on capital gains, the silence of the government on whether the exemption would also cover interest income for FIIs from government securities and corporate bonds and the date from which the exemptions would apply were not unclear.
A weak trend in Asian markets has also been attributed to the early fall at the BSE and the NSE, with the MSCI falling sharply by 1.2% followed by a tumble in Japan, Indonesia, Malaysia, Hing Kong.
However an analyst with a foreign brokerage said that the US rate hike would probably happen in June and that the quantum of the hike could be about 25 basis points as wages in the world's largest economy haven't risen as fast as expected.
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