Sensex nosedives over 900 pts; Nifty cracks below 11,600
Mumbai: Domestic equity benchmark BSE Sensex plummeted over 900 points in late afternoon trade Monday dragged by losses in index heavyweights HDFC Bank, L&T and Bajaj Finance, amid a heavy selloff in global equities.
After plunging 907 points, the 30-share index was trading 755.87 points, or 1.91 percent, lower at 38,757.52 at 1545 hours. Similarly, the broader Nifty sank 246.75 points, or 2.09 percent, to 11,564.40.
Top losers in the Sensex pack included Bajaj Finance, ONGC, Hero MotoCorp, Maruti, L&T, NTPC, SBI, Tata Motors, and Axis Bank, cracking up to 9 percent.
While, Yes Bank, HCL Tech, TCS, TechM, M&M and Infosys were among the gainers, rising up to 5 percent.
In the previous session, the 30-share gauge finished 394.67 points, or 0.99 percent, lower at 39,513.39, and the Nifty sank 135.60 points or 1.14 percent, to 11,811.15, after the Union Budget proposal to raise public shareholding threshold fanned fears of an oversupply of new papers in an already overbought market.
According to traders, higher tax incidence proposed in the Budget for foreign portfolio investors and high net worth individuals is also weighing on investor sentiment here.
On a net basis, foreign institutional investors sold equities worth Rs 89.38 crore, while domestic institutional investors purchased shares to the tune of Rs 275.63 crore, provisional data available with stock exchanges showed Friday.
Besides overhang from the Union Budget, domestic equities extended losses tracking a major selloff in global equities, traders said.
Other Asian markets opened significantly lower as hopes of steep cuts in interest rates by the US Federal Reserve faded after the world's largest economy posted better-than-expected jobs data Friday.
Shanghai Composite Index plunged 2.58 percent, Hang Seng 1.54 percent, Nikkei 0.98 percent, and Kospi tumbled 2.20 percent.
On the currency front, the Indian rupee depreciated 30 paise to 68.72 against the US dollar.
Meanwhile, the global oil benchmark Brent crude futures were trading 0.56 percent higher at 64.58 per barrel.
