WION Web Team Mumbai, Maharashtra, India
Jul 08, 2019, 11.09 AM
The BSE Sensex fell 638 points to 39,028.59 as Dalal Street reacted to finance minister Nirmala Sitharaman Budget on Friday. Nifty was down 193 points at 11, 617 as markets continued to tank.
The biggest loser was Punjab National Bank(PNB) stocks which fell over nine per cent. On Saturday, PNB had said it had reported a borrowing fraud of Rs 3,800 crore rupees in Bhushan Power & Steel Ltd's account to the Reserve Bank of India (RBI). Bhushan Power and Steel, one of India's most indebted companies, was among the first 12 companies referred by the RBI India to a bankruptcy court.
Shares of Maruti Suzuki hit a new low of Rs 6,151 falling over three per cent post Budget on Monday. Other car stocks to fell with Hero Motorcorp and Tata Motors.
After the Budget on Friday, the Sensex had closed 0.99 per cent lower at 39,513.39. The broader Nifty had closed down 1.14 per cent at 11,811.15 points.
Meanwhile, international crude prices were little changed on Monday as traders weighed geopolitical risks against the impact of the China-US trade war on the global economy.
Brent crude futures were down 3 cents by 0300 GMT at $64.20. U.S. West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel.
Asian stocks were also hit on Monday after US jobs report dashed hopes that the Federal Reserve would slash interest rates this month with with Hong Kong down 1.8 per cent, Shanghai 2.4 per cent lower and Tokyo off 0.9 per cent.
The biggest loser was Punjab National Bank(PNB) stocks which fell over nine per cent.