Sensex drops more than 600 points, Nifty drops below 11,650
NEW DELHI: Equity indices opened in red on Monday, in line with Asia in general with solid US employment data, while the government's move towards repurchasing tax participation and increasing participation minimum public exposure on publicly traded companies disappointed national investors.
At 11:35 am, the point of reference for BSE. sensex It was trading 647 points or 1.64 percent at 38.865.52. Meanwhile, the broadest NSE Nifty It was 207 points or 1.75 percent less than in 11,604.
Mojor laggards in the sensex pack includes Bajaj Finance, Hero Motor corp, ONGC, SBI, LT, NTPC, Tata Motors, Maruti and Kotak Bank with their shares falling as much as 5.59 per cent.
On the other hand, If bank HCL Tech, TCS and Tech Mahindra were the only winners with their participation winning up to 5.90 percent.
In NSE, all sub-indices fell with Nifty PSU Bank and Realty falling to 5.53 percent.
Benchmark indexes broke their four-session growing streak and closed with heavy losses on Friday after the Budget proposal to raise the threshold for public participation stoked fears of oversupply of new papers in an already overbought market.
The markets are expressing disappointment at the lack of something in the consumer budget. A good amount of the investment community is disappointed with the budget and there will probably be short-term money coming out of the market, said Sunil Sharma, director of investments, told the news agency Reuters, Sanctum Wealth Management.
On a net basis, foreign institutional investors sold shares worth Rs 89.38 crore, while domestic institutional investors bought shares in the amount of Rs 275.63 crore, according to provisional data available on the stock exchanges on Friday. .
In addition to the balances of the Union Budget, the national shares extended the losses following a massive sale in the global shares, said the operators.
On the currency front, the Indian rupee depreciated 15 paise to 68.57 against the US dollar.
Meanwhile, oil futures of Brent crude oil were trading at 0.06% to 64.27 per barrel.
(With contributions from the agency)