Budget 2016 triggered wild moves on headline indices pulling S&P BSE Sensex down 152 points at close after a 659-point fall earlier in the day. Broader CNX Nifty also tested its key 6,850-mark but recovered to settle the day at 6,987.
The headline indices tanked as Finance Minister Arun Jaitley failed to enthuse excitment on Dalal Street. Negative trend seen in Asian markets also contributed to bearish sentiment.
The 30-share index ended the day at 23,002, down 152.30 points, while broad-based 50-share index quoted 6,987, down 42.70 points at close.
Market breadth remained negative with 20 of the 30 Sensex components ending the day in red.
FULL COVERAGE:Union Budget 2016
ONGC stock was the worst-performer on both the benchmark indices and ended the day 10.7 per cent lower on the National Stock Exchange (NSE).
ITC stock shed over 4 per cent as FM Jaitley announced 10-15 per cent hike in excise duty on tobacco products in the Budget 2016.
Banking stocks hogged the limelight which staged smart recovery in the afternoon trade even as Jaitley allocated less than expected Rs 25,000 crore to recapitalise public sector banks.
Nifty PSU Bank index gained over 3 per cent intraday to settle at 0.80 per cent higher.
Shares of avaition companies Jet Airways, SpiceJet and InterGlobe Aviation slipped up to 6 per cent intraday after Finance Minister Arun Jaitley announced hike in excise duty for Aviation Turbine Fuel (ATF) from 8 per cent to 14 per cent.
Among Asian markets, China's Shanghai Composite index fell 4.37 per cent, while Hong Kong's Hang Seng index shed nearly 1.56 per cent. Japan's Nikkei also closed the day 1 per cent lower.
A lowdown on markets today
Sensex at 22,773, down 380.58 points
Nifty at 6,913, down 116.60 points
Sensex at 23,210, up 56.57 points
Nifty at 7,041, up 11.95 points
Sensex at 23,114, down 40.09 points
Nifty at 7,014, down 15.75 points