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Sensex suffers biggest single-day loss in 2019 on budget woes, global selloff

Tuesday, July 09, 2019

Market benchmark BSE Sensex yesterday plummeted by 793 points or 2%, its biggest single-day loss this year so far, due to heavy selling in financial, auto and oil stocks as investors turned edgy after the twin impact of budget tax proposals and a global selloff.

The 30-share Sensex tanked 907 points in the intra-day trade before settling at 38,720.57 points, showing a sharp loss of 792.82 points or 2.01%.

The broader Nifty of the NSE tanked 252.55 points, or 2.14%, to close at 11,558.60 points.

After the budget presentation on Friday, the market capitalisation of BSE-listed firms dived Rs 5,61,772.64 crore. Sensex had dropped 394.67 points on Friday.

Among the Sensex scrips, Bajaj Finance fell the most by 8.18%, followed by ONGC at 5.43%.

Auto stocks Hero MotoCorp, Maruti, Tata Motors and Bajaj Auto took a beating on reports that automakers have resorted to production cuts after declining sales.

Hero MotoCorp declined 5.3%, Maruti by 5.2%, Tata Motors by 3.4% and Bajaj Auto by 2%.

"The Budget failed to revive bullish sentiments among the investor community. The disappointment was aggravated as the market's expectations of a stimulus package to revive growth were not met. Further, expectations of weak earnings growth in the coming quarter are dampening sentiments," Sunil Sharma, the Chief Investment Officer of Sanctum Wealth Management commented.

Over Rs 3 lakh cr investor wealth eroded as stock market plunges
Investors' wealth yesterday got eroded by Rs 3.39 lakh crore. Led by the sharp sell-off in equities, the market capitalisation of the BSE-listed companies dropped by Rs 3,39,192.97 crore to Rs 1,47,96,302.89 crore.

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