The market completely caught in bear trap after Budget 2019 proposed to increase surcharge on super-rich people and raise minimum public shareholding to 35 percent from 25 percent earlier.The BSE Sensex fell 792.82 points or 2.01 percent to 38,720.57 and the Nifty50 plunged 247.20 points or 2.09 percent to 11,564. The broader markets also fell sharply as the Nifty Midcap and Smallcap indices dropped over 2 percent.All sectoral indices closed in red with PSU Bank index falling most.
Deutsche Bank shares rose as it launched one of the biggest overhauls of its investment bank since the financial crisis. European shares declined on Monday on sobering expectations of an aggressive interest rate cut this month by the U.S. Federal Reserve, but the losses were limited by a 2.7% jump in Deutsche Bank after it announced job cuts and launched a major overhaul.
Maruti Suzuki shares fall below Rs 6,000 level for first time since March 30, 2017.
Goa Carbon shares plunged 8 percent after posting loss of Rs 5 crore in quarter ending June 2019 against profit of Rs 7.4 crore in same period last year.
Shares of IT major Mindtree fell 13% intraday as its three co-founders resigned with L&T taking control of 60% of promoter stake.
Shares of Larsen & Toubro fell over 4% intraday after a global brokerage house downgraded the stock to “neutral” with a target price at Rs1,719, implying a 10% potential upside from current levels
Shares of Cox & Kings fell 5% as International Air Transport Association (lATA) suspended the company’s license for selling tickets
Punjab National Bank slides 11% on reporting Rs3,800cr fraud by Bhushan Power & Steel.
Global shares were in a muted mood on Monday after strong U.S. job gains tempered expectations the Federal Reserve will deliver a large rate cut, but Deutsche Bank gained nearly 4% as it launched a major restructuring.
Japan’s Nikkei 225 dropped 1.1% after the Cabinet Office showed that the country’s core orders fell 7.8% in May from the previous month.
China’s Shanghai Composite and the Shenzhen Component slumped 3.0% and 2.3% respectively.
Australia stocks were lower after the close on Monday, as losses in the A-REITs, Utilities and Healthcare sectors led shares lower. The S&P/ASX 200 lost 1.17%
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