By Admin 
Stock Market Crash: There was chaos in the stock market today due to an announcement by Finance Minister Nirmala Sitharaman during the budget speech. In the special trading session held for the budget on Sunday, a huge fall was recorded in both Sensex and Nifty in the afternoon trade. During trading, BSE Sensex fell by 2,370.36 points or 2.88 percent and fell below the 80,000 mark to 79,899.42 points. At the same time, the 50-share NSE Nifty fell by 748.9 points or 2.95 percent to 24,571.75 points.
Which stocks suffered the most loss?
Among the companies included in Sensex, Bharat Electronics recorded a decline of 6.50 percent. Shares of State Bank of India, HCL Tech, Tata Steel, Asian Paints and Eternal also remained in loss. While shares of Sun Pharma, Kotak Mahindra Bank and Tata Consultancy Services remained profitable. Asian markets will remain closed on Sunday due to holiday. American markets closed with a decline on Friday. According to stock market data, foreign institutional investors (FIIs) were buyers on Friday and bought shares worth a net Rs 2,251.37 crore.
Why did the stock market fall?
In fact, during her budget speech, Finance Minister Nirmala Sitharaman announced to increase STT on future trade from 0.02 percent to 0.05 percent. Additionally, the FM proposed to increase the STT on options premium from 0.1 per cent to 0.15 per cent.
Finance Minister Nirmala Sitharaman said that now capital gains tax will be levied on the amount received from buyback for all categories of shareholders. This step will bring uniformity in the tax treatment of buybacks and is aimed at preventing tax arbitrage.
This had a bad impact on the stock market. Broader markets were also seen trading at lower levels. Nifty Midcap 100 declined by 2.7 percent and Nifty Smallcap 100 declined by 3.4 percent.
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