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MUMBAI: Equity indices on Monday fell sharply dragged by losses in index heavyweights HDFC Bank, L&T and Bajaj Finance, amid heavy selloff in global equities.

The benchmark BSE sensex plunged 792.82 points or 2.01 per cent to close at 38,720.57. While, the broader NSE Nifty fell 252.55 points or 2.14 per cent to close at 11,558.60.

27 out tof 30 stocks finished in red. Top losers in the sensex pack included Bajaj Finance, ONGC, NTPC, Hero MotoCorp, Maruti, L&T, SBI, Indus Bank, Tata Motors and Axis Bank, cracking as much as 8.18 per cent.

While, Yes Bank , HCL Tech and TCS were among the gainers, rising as much as 5.56 per cent.

According to traders, higher tax incidence proposed in the Budget for foreign portfolio investors and high net worth individuals is also weighing on investor sentiment here.

On a net basis, foreign institutional investors sold equities worth Rs 89.38 crore, while domestic institutional investors purchased shares to the tune of Rs 275.63 crore, provisional data available with stock exchanges showed on Friday.

Besides overhang from the Union Budget, domestic equities extended losses tracking a major selloff in global equities, traders said.

Other Asian markets opened significantly lower as hopes of steep cuts in interest rates by the US Federal Reserve faded after the world's largest economy posted better-than-expected jobs data on Friday.

Shanghai Composite Index plunged 2.58 per cent, Hang Seng 1.54 per cent, Nikkei 0.98 per cent and Kospi tumbled 2.20 per cent.

On the currency front, the Indian rupee depreciated 30 paise to 68.72 against the US dollar.

Meanwhile, the global oil benchmark Brent crude futures were trading 0.56 per cent higher at 64.58 per barrel.



In Video: Sensex down by over 600 points, Nifty below 11650