Mumbai : The rally in the previous session proved to be a temporary breather as the NSE Nifty on Monday slumped to a 7-month low of 7,908 and the Sensex below 26,000, hit by talk of higher taxation after Prime Minister’s remarks.
The 50-share Nifty after cracking below the 7,900-mark settled lower by 77.50 points, or 0.97 per cent, at 7,908.25. This is its lowest closing since May 24 this year when it came in at 7,748.85.
The BSE Sensex resumed lower and dropped further before ending at a fresh one-month low 25,807.10, a loss of 233.60 points, or 0.90 per cent. It had risen 61.10 points on Friday. “With investors continuing to fret over demonetisation, Prime Minister Modi’s comments on higher taxes from capital markets ensured early sentiment was decidedly weak.
