Budget aftermath: Sensex down 750 points; auto, banks stock lose

Sensex and Nifty extended their fall on Monday as weak global cues added to the poor investor sentiment on Friday's Budget proposals. The Sensex and Nifty lost over 1 per cent during the early trade on Monday following the tabling of the Union Budget on Friday.

Nifty PSU Bank index and Nifty auto index fell the most among the 11 sectors.

Sensex currently at 38,761.24, down by 752.15 points. NIFTY at 11,561.05, down by 250.10 points.

At 9.47 a.m., the Sensex was trading 421.89 points down at 39,091.50.

It opened at 39,476.38 from its Friday's close of 39,513.39 when the markets fell after the Budget failed to cheer the investors.

The Nifty was down by 116.65 points at 11,694.50.

ONGC, Bajaj Finance, Indian Oil, State Bank of India, Larsen & Toubro, Grasim Industries, NTPC, Tata Motors, Bharat Petroleum, Maruti Suzuki, ICICI Bank and Eicher Motors were among the losers while Yes Bank, HCL Technologies, Bharti Infratel, TCS and Tech Mahindra were some of the important gainers

According to experts the new tax implications on listed companies are not in favour of investors and as NDTV quoted AK Prabhakar, head of research at IDBI Capital, “Higher tax incidence proposed in the Budget for foreign portfolio investors and high net worth individuals is spooking the markets”.

At 1.27 p.m., the Sensex was trading 652.69 points or 1.65 per cent lower at 38,860.70. The benchmark index opened at 38,879.29, lower from its Friday's close of 39,513.39.

The broader Nifty slipped to 11,601.05, lower by 210.10 or 1.78 per cent.

with IANS inputs