The Hindu Business Line : Markets trip as China triples trading duty

Mumbai May 30 Indian bourses, which were trading higher during the initial half of Wednesday, plunged during the second half as most Asian markets faced a sell-off pressure.

The Chinese Government's decision to triple the stamp duty on securities transactions led to a fall in Asian markets; this had its cascading effect on the Indian market too.

China's benchmark index, the Shanghai Composite, witnessed a drop of 6.5 per cent on reaction to the announcement.

The BSE-30 Sensex closed 96.83 points or 0.67 per cent lower at 14,411.38 . The NSE S&P CNX Nifty index closed at 4,249.65.

IT and tech stocks led the fall in markets with continued concerns over an appreciating rupee.

The BSE IT index lost 1.92 per cent, while the BSE Teck index dipped by 1.90 per cent.

Selling was also seen as long positions in the F&O segment were squared off. "With the expiry of F&O contracts tomorrow, some players squared off their long positions," said Mr Ravindra Kasliwala, Head - Equity, Inventure Growth and Securities.

FIIs were net sellers in the markets at Rs 598.51 crore as per the provisional figures on the NSE.

The top gainers included L&T, up 7.39 per cent at Rs 1,993.65, followed by Hero Honda, up 1.70 per cent at Rs 697.40.

The top losers were Reliance Communications, down 3.97 per cent at Rs 501.45, and Reliance Energy, down 3.71 per cent at Rs 534.70.

The turnover on the BSE stood at Rs 5,303.08 crore.

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