Shares of Indian brokerages and market infrastructure firms advanced Nov. 3, extending a wider market rebound after Finance Minister Nirmala Sitharaman said she would consider investors’ tax concerns but offered no policy commitment.
The Nifty Capital Markets index gained more than 3% in intraday trading. Moneycontrol reported that Angel One rose 7% in an earlier snapshot, Motilal Oswal Financial Services gained 6% and Central Depository Services (India) Ltd. (CDSL) climbed 5.4%. BSE shares were up between 1% and 3%, the outlet reported. The Economic Times later put Angel One’s gain at nearly 8%. These were intraday readings, not closing returns.
At the Financial Express Leadership Awards in Mumbai on Nov. 2, Sitharaman said, “I will consider all this,” referring to investor concerns, according to the Financial Express, which organized the event. She did not commit to reducing long-term capital gains taxes. India taxes qualifying long-term gains from listed equities above ₹125,000 in a financial year at 12.5%, according to the Income Tax Department.
Investors were also weighing foreign buying and the broader market’s previous-session rebound. A provisional figure attributed to National Stock Exchange of India (NSE) data put foreign investors’ net purchases of Indian cash-market equities at ₹3,114.68 crore on Nov. 2. The NSE reported that the Nifty 50 closed that session at 23,440.80, up 1.68%.
The government’s next budget is due Feb. 1. Sitharaman gave no timetable for a tax decision.
