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Sensex falls 300 pts, Nifty breaks 11K post Budget 2018; banks drag

Benchmark indices opened sharply lower as investors digested Union Budget 2018 and focussed on more corporate earnings.

The 30-share BSE Sensex was down 270.47 points at 35,636.19 and the 50-share NSE Nifty fell 83.20 points to 10,933.70.

Axis Bank, Yes Bank, SBI, Indiabulls Housing Finance, Adani Ports, SBI, ICICI Bank, Kotak Mahindra Bank, Sun Pharma, Tata Steel and UPL were early losers.

Hindalco, HCL Technologies, Bajaj Auto and ITC were early gainers.

Nifty Midcap extended losses, falling 1.5 percent or 313 points.

Vakrangee, IDBI Bank, Jain Irrigation, Syndicate Bank, PNB, Canara Bank, JSW Steel, Ceat, VST Tillers and Titan Company were down 1-10 percent.

L&T Construction, the construction arm of Larsen & Toubro, has won orders worth Rs 2,275 crore across various business segments.

Its water & effluent treatment business has bagged orders worth Rs 1,255 crore, power transmission & distribution business won major solar EPC orders worth Rs 590 crore and buildings & factories segment has received an order worth Rs 430 crore.

The rupee depreciated by 6 paise to 64.08 against the dollar in morning at the interbank foreign exchange today due to concerns over widening fiscal deficit.

The Centre yesterday introduced a long-term capital gains tax of 10 per cent on stock market gains exceeding Rs 1 lakh, resulting in volatility in forex market.

Forex dealers said that besides increased demand for the American currency from importers, a lower opening of the domestic equity market also kept pressure on the rupee.

Yesterday, the rupee had plunged 44 paise to close at a near two-week low of 64.02 against the US dollar.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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