Closing bell: Sensex tanks 793 points; Nifty settles at 11,559

Mumbai, July 8: Benchmarks Domestic indices today plunged more than two percent. The Sensex and Nifty, both, tumbled for the second session in a row amid heavy sell-off in global equities. Sensex at Bombay Stock Exchange declined 793 points or 2.01 percent to trade close below 39,000 marks at 38,721.

 

Nifty at National Stock Exchange also fell 253 points or 2.14 to trade under 11,600 levels to settle at 11,559.

The market completely caught in a bear trap after Budget 2019 proposed to increase the surcharge on super-rich people and raise minimum public shareholding to 35 percent from 25 percent earlier.

The BSE Sensex fell 792.82 points or 2.01 percent to 38,720.57 and the Nifty50 plunged 247.20 points or 2.09 percent to 11,564. About three shares declined for every share rising on the BSE.

The broader markets also fell sharply as the Nifty Midcap and Smallcap indices dropped over 2 percent.

Bajaj Finserv was the biggest loser among Nifty50 stocks, falling 10 percent followed by Bajaj Finance, ONGC, NTPC, Hero Motocorp, IOC, Indiabulls Housing Finance, Maruti, L&T, Grasim Industries and SBI which dropped 4-8 percent. However, Yes Bank and HCL Technologies bucked the trend.