Indian shares tumble

Indian shares slumped more than 2 percent on Friday, posting their biggest fall in nearly 15 months, as the long-term capital gains tax on equity investments dampened sentiment amid lingering worries of the country's central bank turning hawkish. The BSE index ended 2.34 percent lower at 35,066.75, while the broader NSE index closed 2.33 percent lower at 10,760.60, posting their biggest daily loss since November 2016.
Both indexes dropped 2.7 percent each for the week, their biggest weekly percentage drop since August 2017. The weak sentiment came a day after the government unveiled its budget for the year starting in April that raised spending for rural sectors and healthcare, widening the fiscal deficit target to 3.3 percent of gross domestic product from the previous 3.0 percent. Meanwhile, the benchmark 10-year bond yield rose 7 bps to 7.65 pct after rising 17 bps on Thursday, while the rupee weakened to 64.1250 from its 64.02 close on Thursday.