The BSE Sensex stayed under pressure in afternoon trade as selling across sectors weighed on the market while the NSE Nifty was struggling at 5200 level. The Indian rupee too extended its fall, losing 26 paise to 51.43 a dollar.
Shares of country's largest private sector lender ICICI Bank, largest private power producer Tata Power and London listed Vedanta group's Sterlite Industries tumbled 4-4.5%. BHEL, Cipla, Hindalco, DLF and NTPC tanked 3-3.6%.
The BSE benchmark dropped 1.77% or 307 points to 17,055 and the NSE benchmark was down 96 points to 5,182, underperforming global peers due to GAAR related selling.
New General Anti-Avoidance Rules (GAAR) provisions will be applicable from April 1, which means P-Note based transactions will now be subject to tax. Accordingly foreign institutional investors (FIIs) are revaluating all their PNs/ offshore derivative instruments now. Mauritius based FIIs will need to reassess strategy.
Oil & gas producers and index heavyweights ONGC and Reliance Industries slipped 1.9% each.
Shares of Infosys, TCS, Larsen & Toubro, SBI, Tata Motors, HDFC Bank, HDFC, Bharti Airtel and Tata Steel were down 1-2%.
Tilaknagar Industries tanked 4% after Tamil Nadu government proposed 14.5% tax on alcohol purchased from bars and restaurants while there is no tax on alcohol from TASMAC (Tamil Nadu State Marketing Corporation which enjoys monoploly in retail of Alcohol).
About three shares declined for every share rising on the National Stock Exchange.
The NSE Nifty moved towards day's low again as the European markets slipped after initial gains. The Bank Nifty tanked 2.6% as its components like ICICI Bank, Axis Bank, Union Bank and Canara Bank lost 3-4%. PNB, Bank of India, SBI, IDBI Bank, HDFC Bank and Bank of Baroda were down 1.5-2.8%.
The BSE Sensex continued to trade sharply lower since early trade, though it showed somewhat recovery. Shares of ITC and Wipro outperformed, rising 0.6% each.
The BSE Sensex plunged more than 250 points due to fresh waves of selling in index heavyweights. Tata Power, country's largest private power producer topped the selling list, falling 4%. The Indian rupee depreciated by 15 paise to 51.32 a dollar.
Nifty fell around 1% on Monday, dragged down by falls in lenders such as ICICI Bank as high oil prices are sparking fears of a delay in rate cuts from the RBI, and adding to caution ahead of the government's borrowing calendar due this week.
The NSE Nifty fell below the 5200 level - nearly three-week low - due to consistent fall in index heavyweights ICICI Bank, Reliance Industries and Bharti Airtel. SBI, Infosys, TCS and L&T too were under pressure while Jindal Steel retained its top position in the buying list, rising 1.5%.
The BSE Sensex shed more than 200 points led by further fall in banks, technology, oil & gas and capital goods stocks. The broader markets were down over 0.5%.
The BSE Sensex dropped over 100 points in early trade, weighed down by banks, capital goods, FMCG and technology stocks. Index heavyweight Reliance Industries too slipped more than a percent.
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