Sitharaman’s LTCG, STT remarks lift market sentiment; rupee gains for third straight session
Investors responded positively to the Finance Minister’s comments at the Bloomberg New Economy Forum as the rupee extended its recovery
Finance Minister Nirmala Sitharaman's comments on Long Term Capital Gains (LTCG) Tax and Securities Transaction Tax (STT) boosted investor sentiment on Tuesday. She expressed her willingness to engage in the debate surrounding these topics, indicating that the government aims to bring different asset classes on a more equal footing.
The RBI assured that it would continue measures to curb rupee volatility, contributing to the currency's strength. The rupee appreciated for the third consecutive day, closing at 95.38 against the US dollar, up 40 paise from the previous session. Although Sitharaman did not confirm any changes in the tax regime ahead of the Union Budget, her remarks led to a 1.6% rise in both the Sensex and Nifty indices.
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