India markets open in 7 hours 59 minutes

Budget overhang continues as Sensex plummets 793 points

Passersby outside the BSE building in Mumbai. (Express photo)

Amid a Union Budget overhang, Sensex and Nifty plummeted for a second straight session to their biggest single-day fall of 2019. While BSE Sensex noseped by 793 points Monday, NSE Nifty sank 252.55 points, or 2.14 per cent, to settle at 11,558.60.

After plunging over 907 points during the day, the Sensex settled at 792.82 points or 2.01 per cent lower at 38,720.57 following losses in index major HDFC Bank, L&T and Bajaj Finance.

Explained | How Budget has put stock market on a downward journey

Top losers in the Sensex pack included Bajaj Finance, ONGC, NTPC, Hero MotoCorp and Maruti, falling up to 8.18 per cent. Yes Bank, HCL Tech and TCS, however, bucked the downtrend by rising up to 5.56 per cent.

Moreover, banking stocks fell sharply with Nifty Bank index falling over 2.5 per cent, posting its worst day in over a year amid an overall market meltdown.

According to traders, the Union Budget proposal to raise the public shareholding threshold and higher tax incidence for foreign portfolio investors and high net worth inpiduals continued to spook domestic investors.

Domestic equities extended losses tracking a major selloff in global equities, traders said. On the currency front, the Indian rupee depreciated 30 paise to 68.72 against the US dollar.