Sensex plummets more than 3400 points in March
Winning Bizness Desk
Mumbai. BSE benchmark index Sensex continues to fall due to military conflict between Russia and Ukraine. In the first four sessions of March, Sensex investors have lost more than Rs 11 lakh crore. According to the data available on BSE, the market capitalization of Sensex was Rs 252.39 lakh crore on February 28, which has come down to Rs 241.10 lakh crore on March 7. Thus, the market capitalization of the Sensex has decreased by Rs 11.28 lakh crore in the four trading sessions of March. So far in March, the Sensex has traded only on the 2nd, 3rd, 4th and 7th.
Sensex down 3404 points: In the first four trading sessions of March, the Sensex has fallen by 3404.53 points. According to the data, the Sensex closed at 56,247.75 points on February 28. On Monday, it closed down 1491.06 points at 52,842.75. However, during the day's trading, the Sensex had also dived to a low of 52,367.10 points. For the first time in 2022, the Sensex has closed below the level of 53 thousand points.
Top losers of Sensex Company Decline (in %)
- JK Cement 11.50
- Arvind Limited 10.20
- Indigo Paints 8.85
- Brigade Enterprises 8.80
- Indiamart 8.43
Sensex top gainers Company Gain (in %)
- ONGC 13.26
- HEG Limited 12.70
- KSB Limited 8.22
- Hindalco 6.24
- Zee Entertainment 5.95
Property registration officials say that they were awaiting for the final order in this matter as they had not received the order. But a few days ago, govt approved to levy Metro Cess once again which was stopped after CoronaVirus driven pandemic hit the entire world. Now, with almost everything back on track, govt thought it was the right time to re-introduce this cess to mop-up some funds. Sources said that the government was facing a cash crunch, so it was extremely important to impose such a levy.
Realtors oppose the move
However, realtors organizations have strongly opposed this. They say that because of this, it will have a direct impact on the realty sector as well as on buyers. If you buy a property worth 50 lakhs in Pune, Nagpur and Thane, then its stamp duty is currently Rs 3 lakh. Whereas after April 1, it will be Rs 3.5 lakh as metro cess will be Rs 50 thousand. In Mumbai, on the same 50 lakhs, you will have to pay Rs 2.5 lakh as stamp duty and Rs 50,000 as cess at the rate of 5%. That is, it will be two and a half to three lakh rupees. Property prices are already highest in Mumbai compared to other cities.
