Weekly Wrap: Global Markets Witness Sell Off As Senate Includes Major Changes In The Tax Reform Bill | Indianotes.com
Market Outlook: .
US Senate included some major changes in the Tax Reform Bill ,from the House version, which may delay the implementation of a cut in the corporate tax rate.
Senate is ready to reduce the corporate tax rate to 20 percent from 35 percent, but the rate would be applicable from 2019. Few more issues like deductions and the estate tax have also raised concern on the outlook for tax reform.
House Republicans can pass their version as early as next week, although it remains to be seen if GOP lawmakers can overcome the differences in the two bills to get legislation to the President’s desk.
Emerging market currencies have stated giving breakouts of their 2 month highs. Russian rubble, Turkish lira and South African Rand has become weak against dollar, which can be a major trigger for a market fall. Indian Rupee recently made low of 64.47 and yesterday closed at 65.30.
This week Nifty Index fell 1.25%, Cash market benchmark Smallcap Index was down by 1.59% and Bank Nifty fell by 0.59%. This week Nifty made a new record high of 10490, Smallcap made an all time high of 8782 and Bank Nifty made a high of 25696.
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