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Sensex Plunges 839 Points; Nifty Ends At 10,760

Indian shares succumbed to heavy selling pressure on Friday as rising oil prices, fiscal deficit woes, the Budget proposal to levy long-term capital gains tax on equities and Thursday's by-election results in Rajasthan indicating a massive swing in vote share towards the Congress raised concerns over reduced capital inflows into the stock market.

The benchmark BSE Sensex ended the session down 839.91 points or 2.34 percent at 35,066.75 while the broader Nifty index tumbled 256.30 points or 2.33 percent to close at 10,760.60.

Maruti Suzuki India, Reliance Industries, Bharti Airtel, HPCL, Axis Bank, Indiabulls Housing Finance, GAIL, Bajaj Auto, Bajaj Finance and UltraTech Cement fell 4-6 percent in the Nifty pack. Just Dial plummeted as much as 12.3 percent on higher volumes.

On the positive side, IT stocks such as Infosys, TCS, HCL Technologies and Tech Mahindra ended with modest gains on a sliding rupee.

Globally, Asian stocks finished on a mixed note as rising bond yields and mixed earnings from top U.S. companies helped induce some caution ahead of the closely-watched U.S. monthly jobs report for January, due later in the day.

European shares were trading lower for the fifth day running as the U.S. government bond sell-off entered a second session on optimism over global growth and rising expectations of inflation.

by RTTNews Staff Writer

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