Nifty Plunges 495 Points on Budget Day: STT Hike Triggers Massive Sell-off
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Moneycontrol•01-02-2026, 18:33
Nifty Plunges 495 Points on Budget Day: STT Hike Triggers Massive Sell-off
- •Nifty 50 dropped 495 points (1.96%) to close at 24,825, its lowest in four months and biggest single-day fall since April 2025.
- •Finance Minister Nirmala Sitharaman's announcement of a 150% increase in Securities Transaction Tax (STT) on F&O trading caused panic selling.
- •Approximately ₹11 lakh crore of market capitalization was wiped out from BSE-listed companies.
- •Only the Nifty IT index closed in green; PSU Bank, Metal, and Oil & Gas sectors faced severe pressure.
- •Experts warn of further decline, with immediate support at 24,571 and 24,337, and resistance at 25,000-25,150.
Why It Matters: A significant STT hike on F&O trading led to a massive Nifty sell-off, wiping out ₹11 lakh crore.
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