After a good start and trying to break the 42600 mark on bank nifty and 17700 on nifty both the indices fell sharply around 2 PM at the Indian bourses today. This can be seen as the effect of a speculated news on Bloomberg which said that the Modi govt is considering an overhaul of capital tax gain by imposing higher rates for the rich class. However this is just an speculation and also to be implemented only If Modi and BJP comes to power again in 2024.

“India is preparing an overhaul of its direct tax laws to replace a byzantine matrix of rules and help Prime Minister Narendra Modi reduce income inequality if he returns to power next year, according to people with knowledge of the matter.
Modi Eyes Higher Capital Gains Tax for Rich to Curb Inequality ” said Bloomberg ..read more https://www.bloomberg.com/news/articles/2023-04-18/modi-eyes-income-tax-overhaul-to-check-widening-inequality