Markets continue to nosedive; Sensex falls over 540 points, Nifty below 11,000-mark

The BSE Benchmark Sensex opened 406.55 points down 34,660.20 while the NSE Nifty was 129.10 points down at 10,631.50.

New Delhi: The stock markets continued with their post-Budget free-fall on Monday by opening deep in the red.

The BSE Sensex fell 545 points to trade below 35,000 level while the NSE Nifty tumbled 173.80 points to 10,586.80 in opening trade amid global sell-off. The gauge had lost 1,216.50 in the previous four sessions following imposition of long-term capital gains of 10 percent on equities in the Budget 2018.

According to market observers, negative global cues, along with heavy selling pressure in banking, capital goods, auto and oil and gas stocks, pulled the equity indices lower.

All sectoral indices led by realty, metal, capital goods, healthcare and bankex were trading in the negative terrain, falling by up to 3.47 percent.

Meanwhile, the rupee depreciated by 16 paise to 64.22 against the US dollar in early trade at the interbank forex market today amid sharp losses in equity markets.

Increased demand for the US currency from importers and banks and persistent losses in domestic equity markets weighed on the rupee.

Last week, Sensex were severely beaten to tumble 983.69 points to finish at 35,066.75 and the broder Nifty slid well below the key 11,000-mark at 10,760.60. Foreign investors had put in USD 387 million in equity and debt markets on last Friday.

The key indices resumed the record-setting cycle last Monday following the upbeat economic survey tabled in Parliament ahead of the budget reiterating India would be the world fastest growing economy with GDP estimates of 7-7.5 percent 2018-19, giving fresh impetus to investor sentiment.