Domestic equity benchmark BSE Sensex continued to bleed on Monday as well and slumped over 900 points after the government’s proposal in Union Budget 2019 to increase the minimum public shareholding in listed companies and higher tax incidence for foreign portfolio investors.
After plunging 907 points, the 30-share index was trading 755.87 points, or 1.91 per cent, lower at 38,757.52 at 1545 hours. Similarly, the broader Nifty sank 246.75 points, or 2.09 per cent, 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 per cent. While, Yes Bank, HCL Tech, TCS, TechM, M&M and Infosys were among the gainers, rising up to 5 per cent
The Sensex fell over 900 points and breached the 39,000 mark, extending two-day loss to over 1,300 points. While presenting the Union Budget 2019, Finance Minister Nirmala Sitharman on July 5 said that she had asked SEBI to consider raising the current threshold of 25 per cent to 35 per cent.
On Friday, the Union Budget spooked some market sentiments following which both the Sensex and Nifty fell nearly 1 per cent amid weak global ques and amid heavy selloff in global equities.
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.
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.
On Rupee front, the Indian currency depreciated 15 paise to 68.57 against the US dollar. Meanwhile, the global oil benchmark Brent crude futures were trading 0.06 per cent higher at 64.27 per barrel.
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