Despite the government’s decision to waive retrospective imposition of minimum alternate tax on foreign institutional investors, the global uncertainty and turmoil in the markets continued to play on the investors mind and foreign institutional investors pulled out a net of Rs 1,573 crore from the Indian equities. As a result, the Indian markets fell for the third straight trading session.
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While the benchmark Sensex at Bombay Stock Exchange fell 242 points or 0.9 per cent on Wednesday to close at a new one-year low of 25,453, the broader Nifty at the National Stock Exchange fell 68 points or 0.9 per cent to close the day at 7,717.
Experts say that volatility in the global crude oil prices, sharp decline in the Dow Jones Industrial index of 2.8 per cent on Tuesday and weakness in the Asian markets weighed over the government’s relief to FIIs and they continued with their selling spree selling equities worth Rs 1,573 crore during the day. In fact, over the last ten trading sessions, the FIIs have sold equities over a net of Rs 17,600 crore.
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