December 26, 2016 / 5:12 AM / 9 months ago

BUZZ-India's NSE index hits 7-mth low; VIX surges

** India’s broader NSE index falls as much as 1.15 pct to lowest since May 25

** VIX index, the volatility index, surges 9 pct

** Investors spooked that India may impose higher capital gains taxes after Prime Minister Narendra Modi said on Saturday people in financial markets must make a “fair contribution” to nation building.

** Finance Minister Arun Jaitley on Sunday clarified the government does not plan to impose long-term capital gains tax, after local media interpreted Modi’s comments a pitch for higher taxes in markets.

** Only five stocks trade higher; Maruti Suzuki, Dr.Reddy’s Laboratories, Asian Paints, Tata Consultancy Services and Reliance Industries

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