Indian shares drop as Axis Bank results weigh
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 25 2024
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Source: reuters
Market Reaction to Tax Hikes and Earnings: Indian shares opened lower due to disappointing quarterly results from Axis Bank and recent government tax hikes on equity investment gains, with the NSE Nifty 50 and S&P BSE Sensex both experiencing declines.
Sector Performance and Investor Sentiment: All major sectors recorded losses, particularly banks and financial services, while long-term capital gains tax increases are viewed as detrimental to encouraging long-term investments, despite some companies like Larsen and Toubro performing well.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
