The equity benchmark indices started in red on Monday’s trading session amid weakness in global peers.
In the early trade, the S&P BSE Sensex index plunged as much as 435.23 points and the NSE Nifty index fell as much as 128.25 points.
At 10:21 am, the Sensex traded at 39094.01, with a loss of 419.38 points or 1.06% and the 50-scrip Nifty was at 11,684.70, down 126.45 points or 1.07%.
Market breadth saw a sharp fall, with only 300 stocks trading higher on the BSE against 1,088 suffering with losses. On the NSE, 278 stocks advanced, while 1,284 declined.
Top laggards on the Sensex at the time were ONGC, Maruti Suzuki India, Larsen & Toubro, and Hero MotoCorp, trading between 2.82% and 4.28% lower.
Hero MotoCorp, Larsen & Toubro, and Indian Oil Corporation Ltd were the top losers on the Nifty pack.
The Union Budget 2019 proposed to raise the 35% of the threshold of minimum public shareholding in the listed companies, which is currently 25%.
“The market was hoping for supportive actions from the government which was not provided in the budget. This was undoubtedly due to the bleak fiscal position given the slowdown in domestic and global market,” said Vinod Nair, head of research at Geojit Financial Services.
Globally, the MSCI’s broadest index of Asia-Pacific shares outside Japan fell over 1%, Japan’s Nikkei lost 0.9%, Hong Kong’s Hang Seng index plunged 1.5%, and South Korea’s KOSPI was down 1.8%.
Meanwhile, the 30-share Sensex shed 394.67 points or 0.99% and the broader Nifty fell 1.14% on Friday after the Union Budget 2019 was presented in the parliament by the government.