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Sensex drops 83 points

MUMBAI: The stock market on Monday moved lower with its benchmark Sensex settling 83 points down on concerns that foreign institutional investors might pare their holdings following a new government circular differentiating between trading and investment stocks for taxation purpose.

In volatile trading marked with an intra-day gain of over 100 points, the Bombay Stock Exchange 30-share index settled at 14080.14, a fall of 82.57 points against its previous close of 14162.71.

The index had hit an intra-day high of 14283.71, mirroring a firm trend in Asia markets. The broader Nifty index of the National Stock Exchange (NSE) also fell from the day’s high of 4208.15 to settle at 4147.10, a loss of 24.35 points from the last close of 4171.45. The circular issued by the Central Board of Direct Taxes (CBDT), after market-close on Friday, caused a flutter. — PTI

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