Indian markets have been under pressure since the Union Budget 2019 due to several key proposals by the finance ministry triggered a selloff. Here are the key five reasons for the losses in the market:
Indian markets have been under pressure since the Union Budget 2019 due to several key proposals by the finance ministry triggered a selloff. Benchmark BSE Sensex has declined 5 percent and NSE Nifty50 has slipped 5.4 percent since July 5, the budget day. The markets sentiment turned negative after Nirmala Sitharaman last week ruled out providing any relief to FPIs. On Monday, markets continued their losses for the third consecutive session after a 1.5 percent loss on Friday, dragged by weaker-than-expected Q1 earnings and selling by foreign investors. Here are the key five reasons
Hike in income tax surcharge for FPIs
In the maiden budget speech by finance minister Nirmala Sitharaman on July 5, she proposed a hike in the surcharge from 15 percent to 25 percent for individuals earning between Rs 2 crore and Rs 5 crore, and from 15 percent to 30 percent for the income above Rs 5 crore. Several FPIs, which are registered as a trust or an association of person, come under this income tax slab.