Markets still see red over Budget, Sensex slips below 35,000

TIL Desk/Business/Mumbai/ The BSE Sensex dipped below the 35,000-level by plunging around 546 points in opening trade today on heavy losses in metal, realty, capital goods, banking and oil & gas stocks amid a global rout in equity markets. The BSE 30-share barometer tanked 545.95 points, or 1.55 per cent, to 34,520.80.

The gauge had lost 1,216.50 in the previous four sessions following imposition of long-term capital gains of 10 per cent on equities in the Budget 2018. All sectoral indices led by realty, metal, capital goods, healthcare and bankex were trading in the negative terrain, falling by up to 3.47 per cent.

The NSE Nifty was trading down by 173.80 points, or 1.61 per cent, at 10,586.80. Asian markets dropped over 1 per cent following deep losses on Wall Street last week after a strong US jobs report and rising Treasury yields fanned fears of interest rate hike quicker than thought.

The laggards were Yes Bank, HDFC Ltd, SBI, Axis Bank, Hero MotoCorp, Bajaj Auto, Tata Steel, Hind Unilver, L&T, M&M, Adani Ports, Kotak Bank and RIL, falling by up to 3.89 per cent. In the Asian region, Hong Kong’s Hang Seng fell 1.82 per cent, Japan’s Nikkei shed 2.43 per cent, while Shanghai Composite Index down 0.33 per cent in their late morning deals. The US Dow Jones Industrial Average ended 2.54 per cent lower on Friday.