Chris Wood astonished as capital gains tax hike fails to revive Nifty bears

In the Union Budget announced on July 23, Finance Minister Sitharaman raised both short-term and long-term capital gains tax rates, to 20% and 12.5%, respectively. Prior to this, analyst Wood had cautioned that a substantial increase in capital gains tax could trigger a market downturn exceeding the correction seen after the June 4th Lok Sabha elections.