Sensex drops despite the removal of DDT. Stock Market News.

Sensex drops 700 points despite the removal of DDT and reducing income tax.

New Delhi: A special session of the stock market was held on the occasion of the budget on Saturday. Finance Minister Nirmala Sitharaman, during her three-and-a-half-hour long budget speech, announced various tax cuts, but the market was disappointed.

After the announcement by Sitharaman, the market collapsed and the total market cap of listed companies on the BSE slipped from Rs 156.50 lakh crore to Rs 154 lakh crore, falling by Rs 2.5 lakh crore.

At 2.20 pm, the BSE Sensex was trading at a level of 40,218 with a dive of 506 points or 1.24 per cent. Earlier, the Sensex had slipped below the 40,000 level. The Nifty 50 index was recorded at 11810 levels with a weakness of 152 points or 1.27 per cent.

During his budget address, the Finance Minister has removed the Dividend Distribution Tax (DDT). This means that companies will be able to pay more money to their shareholders. Apart from this, the Finance Minister has also announced a new income tax system with seven slabs. At the beginning of his speech, the Finance Minister said that the government is presenting this budget to increase the purchasing power and income of Indian citizens. He emphasized that in this budget, the emphasis has been laid on macroeconomic stability.

The Finance Minister said that 60 lakh new ITRs have been filed this year. Counting the achievements of this GSAT, he said that efficiency has come in the yacht and transportation sector. Customers have the benefit of Rs 1 lakh crore from GST and an average family is able to save up to 4 per cent of their budget.

During his speech, the Finance Minister said, "The simple process of filling GST will be started from April 2020". Let us know that a special session of the stock market has been kept on Saturday. The disappointment of the American market on the Indian stock market has also been seen. During the last 10 budget sessions, only three times this has happened when the major indices of the stock market have risen or fallen more than 1 per cent. On most occasions, the stock market falls but regains momentum in a week.

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