Share market highlights: The Sensex and Nifty plunged on Monday, as Asian market sell-off, Budget announcements spooked the street. The Sensex ended 793 points down at 38,720.57, while the Nifty closed near the 11,550-mark. Bajaj Finance shares plunged more than 8.8% to hit the day’s low at Rs 3,392.04. Shares of India’s largest car-maker Maruti Suzuki plunged more than 5.6% to Rs 6,007.70, after the firm cut production for the 5th consecutive month. Yes Bank shares were among the biggest gainers, jumping 5% to Rs 92.80 in the afternoon trade. ONGC share price closed 5.4% lower at Rs 152.50, emerging among the biggest losers in the Sensex. “Equity markets were expecting some kind of fiscal stimulus from the budget but there has been big disappointment. Housing is the only segment to get some kind of stimulus,” Rusmik Oza, Head of Research, Kotak Securities said adding that the Nifty may go down to test its 200 DMA placed at 11,105 levels.
The overhang of the Budget is likely to continue in the week in stock markets as the offshoots of certain implementations will be visible in the capital markets, SAMCO Securities said in a note. Asian shares slipped on Monday as investors wagered on a less aggressive policy easing in the United States, while the Turkish lira held near two-week lows after the country’s president dismissed its central bank governor over the weekend. Global equities have generally been bolstered by expectations that central banks will keep interest rates at or near record lows to boost economic growth. Those expectations were tempered by a US labor report that showed nonfarm payrolls jumped 224,000 in June, beating forecasts for 160,000, in a sign the world’s largest economy still had fire. Asian shares tracked Wall Street, which fell from record highs on Friday, Reuters reported. We bring to you LIVE updates.