Movers and Shakers of today's trade

The BSE listed companies have lost anywhere between Rs 4-5 lakh crore in last two trading session. What has spooked market today was the budget proposal that Finance Minister Nirmala Sitharaman tabled in Parliament on Friday.  The budget has changed the surcharge in the Rs 2-5 crore income group from 15 per cent to 25 per cent, and for Rs 5 crore-plus income group from 15 per cent to 37 per cent. Earlier, a 15 per cent surcharge was levied on an annual income of over Rs 1 crore.

Beside the other high net worth individuals (HNIs), it has also hit hard to the non-corporate foreign portfolio investors (FPIs). Now FPIs would have to bear effective peak long term capital gain (LTCG) and short term capital gain (STCG) rates of 14.25 per cent and 21.37 per cent, respectively after accounting for the recent tax proposal. In some cases it STCG tax will go up to 42.74% (when STT is not applicable and STCG is added to your income tax return and is taxed according to his income tax slab. Most of the FPIs earlier were registered as AOP (Association of Persons) or trusts to avoid minimum alternative tax (MAT). It will impact nearly 70% of the FPIs that have registered as AOP or trusts.

The worst impacted sectoral indices were related to public sector. There were some indices, where not a single company was able to close in green.

In terms of companies following were the movers and shakers in today’s trade. There were only five companies in Nifty that gained in today’s trade.

Nifty Gainers

To 10 Nifty Losers