Union Budget 2019 India: The rout in the stock market continued on Wednesday with virtually every index losing value. While the Sensex shed 135.09 points or 0.36% to settle at 37,847.65, the broader Nifty slid 0.53% to end the session at 11,271.30. More than Rs 10 lakh crore of investor wealth has been wiped out in just 14 sessions after the Budget. Nearly 90% of the constituents of the broader BSE-500 index, which accounts for about 94% of the total market capitalisation, are trading in the red since the Budget.

Foreign portfolio investors (FPIs) have pared their portfolios for 13 straight sessions, selling shares worth $1.62 billion since July 5 — sales in the last three sessions have crossed $500 million. The broader market remains in deep distress — with over 1,300 stocks hitting 52-week lows after the Budget announcement, exacerbating the six-quarter bearish trend in India’s stock markets. The benchmark Nifty has lost nearly 6% since July 5.

Income Tax Calculator: Know post-Budget 2019 Income Tax out go here

Investors are disappointed at the lack of fiscal stimulus needed to kick-start the economy; the higher surcharge on high net worth individuals and overseas funds structured as trusts was also a big blow. The sentiment has been dampened by weak results reported by some of the heavyweights. The sharp and prolonged slowdown in the economy and poor corporate earnings have prompted investors to pare their portfolios.

Watch FE Explained video: What is Union Budget?

Strategists at Credit Suisse said cuts in earnings estimates have become much more broad-based in the last six months, with more than 75% of the top 150 companies seeing cuts to FY20 estimates. “ While the aggregate quantum of cuts in the last three months is relatively minor, we expect the pace of cuts to pick up during the 1Q earnings season, “ they wrote.

How to save tax up to Rs 1.5 lakh by acquiring movable, immovable assets

The Nifty MidCap Index has given up 10.2% since July 5, and 90% of its constituents have lost value. The Nifty Small Cap Index has shed 9.2% during the same period, and nearly 89% of its members have seen a fall in prices. The number of companies hitting 52-week lows nearly doubled to 63 on Wednesday compared to previous day’s trade. On Tuesday, 34 of the BSE-500 stocks had slumped to 52-week low.

The negative sentiment rubbed off on most sectoral indices on Wednesday. Of the 19 sectoral indices compiled BSE, all barring BSE FMCG ended the day in red with BSE Metal losing as much as 2.5%. BSE Auto and BSE Basic Material declined 1.9% each. Even blue chips were not spared from the recent selloff. While Tata Consultancy Services (TCS) and HDFC Bank each lost over Rs 54,000 crore in market cap, Bajaj Finance, ONGC, Larsen & Toubro and Axis Bank saw their market value eroding anywhere between Rs 25,000 crore and Rs 32,000 crore.