Sensex suffers biggest single-day loss in 2019 on budget woes, global selloff
Market benchmark BSE Sensex on Monday plummeted by 793 points or 2 per cent, its biggest single-day loss this year so far, due to heavy selling in financial, auto and oil stocks as investors turned edgy after the twin impact of budget tax proposals and a global selloff.
The 30-share Sensex tanked 907 points in the intra-day trade before settling at 38,720.57 points, showing a sharp loss of 792.82 points or 2.01 per cent.
The broader Nifty of the NSE tanked 252.55 points, or 2.14 per cent, to close at 11,558.60 points.
After the budget presentation on Friday, the market capitalisation of BSE-listed firms dived Rs 5,61,772.64 crore. Sensex had dropped 394.67 points on Friday.
Among the Sensex scrips, Bajaj Finance fell the most by 8.18 per cent, followed by ONGC at 5.43 per cent.
Auto stocks Hero MotoCorp, Maruti, Tata Motors and Bajaj Auto took a beating on reports that automakers have resorted to production cuts after declining sales.
Hero MotoCorp declined 5.3 per cent, Maruti by 5.2