Congress president Rahul Gandhi on Friday took a sarcastic dive in the Budget bloodbath that took Sensex down by 840 points in a day, and a 1000 points in the week. Rahul Gandhi, on Twitter, posted, “In Parliamentary language, the Sensex just placed a solid 800 point No Confidence Motion against Modi’s budget. #BasEkAurSaal.” Posted Budget 2018, in a major offshoot, the 30 share Sensex registered largest ever single-day fall in two and a half years and nosedived more than 840 points at the close of the week. In a week, the Sensex has dropped by 1,000 points.
The broader 50-share Nifty settled below the 10,800-mark, dropping by more than 200 points on week, as the post-Budget sell-off continued for the second straight day.
In Parliamentary language, the Sensex just placed a solid 800 point No Confidence Motion against Modi’s budget. #BasEkAurSaal
— Office of RG (@OfficeOfRG) February 2, 2018
The Sensex tumbled a 1000-points in the last week, of which a staggering 982-point fall came in the last two days, as the market did not take the imposition of long-term capital gains tax on equities announced by Finance Minister Arun Jaitley during his Budget 2018 speech. If the LTGC was not enough, the market got even more nervous after Fitch Ratings on Friday criticised low fiscal room of the government saying that it was putting constraints on India’s rating upgrade. The shares of Bajaj Auto, Axis Bank, Maruti Suzuki India, Bharti Airtel, Reliance Industries and Tata Steel fell by more than 4% each.
After August 24, 2015, this was the biggest single session fall. That time Sensex had fallen by 1,624.51 points. Meanwhile, Nifty to crashed below 10,800-mark by slumping 256.30 points, or 2.33% to 10,760.60 at the close. Share of over 2,400 companies traded in red on Friday after the Budget 2018 was presented, of the total 2,850 companies available for trading on BSE. The Indian equity market was completely slammed by the Budget 2018.