The BSE Sensex closed the day lower by a steep 1,038-pts, at 30028-mark while the NSE Nifty lost 314-pts to end at 8823-mark in trade on Monday.
Banking stocks slipped, after the FM announced that the threshold to begin insolvency proceedings was raised to Rs.1-Cr from Rs. 1-lakh earlier.
Banking stocks like HDFC Bank and ICICI Bank slipped almost 5 to 7-pc. NBFCs such as L&T Finance Holdings and India Bulls Housing slipped 7 to 9-pc respectively. Track latest market updates Best stock tips and Best shares to invest tips from here.
IT stocks closed the day firm with TCS and Infosys gaining over 2 per cent each. The Bank Nifty declined almost 6.5-pc.
Cipla, TCS, Bhartri Infratel, Infosys and HCL TEch were among major gainers in the Nifty while Indiabull HF, Zeel, Eicher Motors, BPCL and Ultratech slipped the most.