Mumbai: Wiping out early gains, the BSE benchmark Sensex fell 353.21 in afternoon trade Thursday trading with investor community hair-splitting various budget proposals like higher taxes on corporates and individuls and reduction in Securities Transaction Tax.
After a higher start at 19,322.28, the Sensex fell sharply by 353.21 points to fall below the 19,000 mark at 18,799.20 as stocks of bank, oil and gas and metal sector declined.
The broad-based Natonal Stock Exchange index Nifty fell by 40.50 points to 5,756.40, after climbing to 5,849.90 at the outset.
Brokers said the budgetary proposals lacked any worthwhile market moving announcement and remained under pressure as some corporates and individual taxes were raised.
They said the tumbling market received little support on lowering of Securities Transaction Tax (STT) on equity futures to 0.01 percent from 0.17 percent.
The market even ignored the firming global markets after an overnight rise in the US stocks, they added.