Sensex, Nifty record biggest fall since late-2016 as LTCG dampens sentiment

Indian shares slumped more than 2 percent on Friday, posting their biggest fall in nearly 15 months, as the long-term capital gains tax on equity investments dampened sentiment amid lingering worries of the country’s central bank turning hawkish.

The Sensex ended 2.34 percent lower at 35,066.75, while the Nifty index closed 2.33 percent lower at 10,760.60, posting their biggest daily loss since November 2016.

Both indexes dropped 2.7 percent each for the week, their biggest weekly percentage drop since August 2017.