MUMBAI: On Friday, inventory markets fell over 1% in a budget overhang as overseas investors appeared disappointed with the government's position on taxing the super-rich, while corporate income continued to signal a slowdown in the economy in the June quarter.
The Sensex ended at 38,337.01, 560.45 points down, or 1.44%, while the 50-share Nifty closed at 11,419.25, 177.65 points down, or 1.53%. Sales in mid- and small-cap shares have been sharp, with the BSE midcap losing 1.99% and the BSE Smallcap index falling 1.83%.
Shrugging overseas portfolio investors ' (FPIs) pleas against the budget bill for a super-rich tax, Finance Minister Nirmala Sitharaman said Thursday that FPIs could consider structuring as businesses, as those registered as trusts would have to pay the suggested greater tax surcharge.
Net vendors of Indian stocks worth 1.770.53 crore this year were domestic institutional investors, but in July there was an inflow of 5.838.55 crore, the largest monthly inflow so far in 2019.
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