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Sensex down 850 pts in two days over intense FII outflow
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SME Times News Bureau | 22 Jul, 2019
Sensex lost over 850 points in
past two sessions as the government ruled out any possibility of a
roll-back of increase in tax surcharge for the super-rich in the Budget.
Since,
July 5, when the Union Budget was proposed, Foreign Portfolio Investors
(FPIs) have been in a sell mode, but it intensified after Finance
Minister Nirmala Sitharaman on Thursday made it clear, the super-rich
tax is here to stay.
FIIs have sold of Rs 6,475.55 crore worth of
stocks in June, till date, the most in a month in 2019. The selling was
most intense on Thursday (Rs 1,404.86) and Friday (Rs 950.15) after
Sitharaman dashed hopes of any relief to FPI's in her reply to debate on
Budget proposals in the lower house.
Sensex finished Monday's
trade 305.88 points lower at 38,031.13 while the broader Nifty closed
82.10 points lower at 11,337.15. The Sensex had shed 560 points on
Friday.
Vinod Nair of Geojit Financial Services suggested further
pain saying "this correction has expanded to large caps which until now
were attracting FII inflows, but concerns over tax and muted Q1 results
will continue to impact..."
"Market entered into a bearish phase
as investors turned sellers due to concerns over extension of economic
slowdown and weak corporate earnings hurting the sentiment," Nair added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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