Weak global cues subdue equity indices, Sensex closes below 35k

Key Indian equity indices On Monday provisionally closed on a lower note following weak global cues, along with heavy selling pressure in capital goods, banking and finance stocks.

The barometer 30-scrip Sensitive Index (Sensex) on the BSE provisionally closed (at 3.30 p.m.) below the 35,000-level at 34,757.16 points -- down 309.59 points or 0.88 per cent from Friday's close.

The BSE market breadth was bearish as 1,656 stocks declined as against 1,113 advances.

The wider Nifty50 of the National Stock Exchange receeded by 94.05 points or 0.87 per cent to close at 10,666.55 points.

According to market observers, disappointing announcements in the Budget like the reintroduction of the long-term capital gains (LTCG) tax and a higher-than-expected fiscal deficit target for 2018-19 continued to dampen investors' risk-taking appetite.

Last Friday, the equity indices fell the steepest since November 2016 due to a huge sell-off in the markets.

The Sensex plunged by 839.91 points or 2.34 per cent to close at 35,066.75 points, while the Nifty50 dropped 256.30 points or 2.33 per cent to 10,760.60 points.