Why the Nifty dropped to 3-week low after hitting fresh highs
Market chatter on changes to capital gains taxes on equities—piling on to prevailing election jitters—dragged India’s benchmark equity indices to their lowest in three weeks, before finance minister Nirmala Sitharaman dismissed what she called “pure speculation”. This, after the Nifty50 opened higher on Friday, clocking a record intraday high of 22,794.7 points, until it ended …