Sensex slump over 1000 points, Nifty below 10400

Mutual funds betting more on banking and financial services

Following the losses in global equity markets, benchmark indices BSE Sensex and NSE Nifty opened more than 3 percent lower on Tuesday. The Nifty 50 Index also lost 1.6 percent.

Bajaj Finance, Eicher Motors and Bharti Airtel rebounded with more than 1 percent gains, followed by L&T, ICICI Bank, Tata Steel and Dr Reddy's Labs with moderate gains. The BSE benchmark Sensex slumped 1,274.35 points to hit the day's low at 33,482.81 today. As many as 13 per cent felt the fall could be steeper at 10 per cent.

On the broader side, Smallcap indices have been bearing the brunt of the mayhem, with the BSE 250 SmallCap Index posting a heavy 2.22% intra-day loss so far.

The 30-share index has plummeted by 1,710.72 points since the Union budget for 2018-19 was presented on February 1.

Adhia said he will discuss the issue of the fall in local markets with the finance minister.

At 9:44 am: The markets recovered from the opening lows but continued to trade sharply lower.

"What happened on 2nd Feb & 5th Feb was mainly because of global shakeup".

The government has said that not the Budget, but global disturbances are to be blamed for the market crash.

He also added that capital market regulator SEBI is keeping a close watch on the stock market decline. The index declined 72.40 points, or 0.67%, at the day's high of 10,594.15 in mid-afternoon trade.

Vedanta, GAIL, SBI, HINDALCO, Cipla, ONGC were the top NIFTY50gainers, with the rise percentage ranging from 3% to 5%. Jaitley proposed to tax long-term capital gains on equities exceeding Rs 1 lakh at 10 per cent. Among IT stocks, HCL Technologies (down 3.46%), Tech Mahindra (down 3.35%), TCS (down 3.16%), Infosys (down 2.25%), Oracle Financial Services Software (down 1.84%) and Wipro (down 0.97%) edged lower. Earlier, the benchmark plunged 1,274.35 points on heavy unwinding suffered after a record-breaking loss on Wall Street after investors fret over rising United States borrowing costs.

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