Equity benchmark indices extended losses in the noon trade HDFC twins, Bajaj Finance, Infosys, ITC and L&T were the top contributors to the indes's fall. The Sensex fell as much as 505 points to hit intraday low of 38,392 and the NSE Nifty 50 Index broke below the important psychological level of 11,450, down 153 points.
The Nifty Auto index dropped over 2.5% led by Exide Industries, Amara Raja, Eicher, Tata Motors and M&M. All the auto components were trading in the red. Shares of Maruti Suzuki, Eicher Motors and Mahindra & Mahindra were among the Nifty50 stocks that hit fresh 52-week low today.
Shares of Maruti Suzuki hit an over two-year low on the NSE. The company's stock has slipped 6% in the past three trading days.
Shares of Mahindra & Mahindra fell 3%, its lowest since December 27, 2016.
The BSE Smallcap index fell by more than 1.7%, while the BSE Midcap index was down nearly 1.5% in today’s trade.
The stock market went under pressure after Finance Minister Nirmala Sitharaman said, in a discussion on the Finance Bill in the Parliament that Foreign portfolio investors (FPIs) should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Budget 2019.
Bajaj Finance was top loser in the Nifty50 basket followed by Bajaj Finserv, GAIL, Tech Mahindra, Mahindra & Mahindra, Hero MotoCorp, Tata Motors, Bharti Infratel, State Bank of India and Bajaj Auto.
On the flipside, NTPC, Titan, Tata Consultancy Services, Vedanta, Power Grid and UltraTech Cement were among the notable gainers in the Nifty50.
Shares of Cyient, Capital Trust, Venus Remedies, JBM Auto, NOCIL, HEG, GSS Infotech, Exide Industries and Goa Carbon hit a 52-week low on BSE.
The most active stocks are ACC, YES Bank, Reliance Industries, SBI and Bajaj Finance.