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Sunday, Aug 18, 2019

Sensex nosedives 792 points, Nifty at 11,558

The 30-share index closed at 38,720.57, down 792.82 points at close of trade on Monday. The broader Nifty sank 252.55 points to close at 11,558.60

business Updated: Jul 08, 2019 16:04 IST
Press Trust of India
Press Trust of India
Mumbai
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
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 (HT file photo)
         

Domestic equity benchmark BSE Sensex plummeted over 700 points on Monday dragged by losses in index heavyweights HDFC Bank, L&T and Bajaj Finance, amid heavy selloff in global equities.

The 30-share index closed at 38,720.57, down 792.82 points at close of trade on Monday. The broader Nifty sank 252.55 points to close at 11,558.60

Top losers in the Sensex pack included Bajaj Finance, ONGC, Hero MotoCorp, Maruti, L&T, NTPC, SBI, Tata Motors and Axis Bank. While, Yes Bank, HCL Tech, TCS, TechM, M&M and Infosys were among the gainers.

The financial markets nosedived after the Union Budget’s proposal to raise public shareholding threshold and fanned fears of 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.

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 per cent, Hang Seng 1.54 per cent, Nikkei 0.98 per cent and Kospi tumbled 2.20 per cent.

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 per cent higher at 64.58 per barrel.

First Published: Jul 08, 2019 14:26 IST

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