Sensex opens in red, tanks 1,000 points in opening hour

The Sensex lost over 1,000 points in opening trade on Tuesday on global cues to come down below 34,000-mark. While the 30-share index tanked 1,200 points in opening trade, it was trading at 33,866.27, below 890.89 points (2.56%), at 09:30 am.

The 50-share NSE Nifty is trading at 10,404.30, below 262.25 points or (2.46%).Since February 1, the day Union Budget 2018-19 was presented, the 30-share Sensex has plummeted by over 2,000 points and the NSE Nifty has lost 500 points during the four-day period.

The stock market has seen a massive erosion in valuation after the government unveiled in its budget a proposal to levy 10% long-term capital gains (LTCG) tax on equities and revised upwards its deficit target for the current fiscal at 3.5%.

Wall Street stocks plunged in chaotic trading today, as the Dow's gains for 2018 were erased in a brutal pullback from months of stock market euphoria that had been acclaimed by President Donald Trump.

The Dow Jones Industrial Average saw its steepest ever one-day point drop, wiping 4.6 per cent off the value of America's 30 largest companies to finish at 24,345.75, havingat one point plummeted nearly 1,600 points to a low of 23,923.88.

Asian stocks also plunged as panicked investors fret over rising US borrowing costs and cash in profits after months of market euphoria.

Tokyo dived more than 5%, while Hong Kong was down almost 4% at one point and Sydney sank 3%. Among other Asian markets Singapore was 2.3% off, Seoul dived 3%, Taipei lost 3.7%, Manila plunged 2.7% and Shan ghai gave up 2.1%.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)