Sensex 291 points down amid fears

Mar 01, 2013 |

Age Correspondent

mumbai

Markets came off sharply Thursday as investors dumped stocks amid fears of mass withdrawal of funds by foreign portfolio investors with the Budget stipulating that tax residency certificates will not be enough for investors to avail tax benefits under double taxation agreements.
It is feared this might have the same chilling effect as the GAAR and Vodafone issues did in 2012.
The Sensex, after opening on an upbeat note, plunged 528.31 points in intra-day trade, slipping below the 19K mark, but the index finally closed at 18,861.54, down 290.87 points (1.52 per cent).
The Nifty tanked 103.85 points (1.79 per cent), to close at 5,693.05.

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Defence gets very little, iaf gainer
Sridhar Kumaraswami
New Delhi, Feb. 28

After slashing the capital expenditure (for acquisition of weaponry and other equipment for the armed forces) by `10,000 crore in 2012-13 in the revised Budget estimates compared to the original Budget allocation on account of cost-cutting, the Union government on Thursday hiked the defence budget only by about `10,000 crore to `2.03 lakh crore for 2013-14 compared to the original allocation of `1.93 lakh crore for 2012-13.
The hike was much lower than the 17% hike announced last year for 2012-13 over 2011-12. A significant chunk of the amount for capital expenditure is for the IAF.

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