Post-Budget sell-off continued for the second consecutive day on Monday with Sensex tumbling nearly 800 points and Nifty settling below 11,600 level. The indices reported their biggest one-day fall in 2019.

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The Sensex ended 793 points lower at 38,721, while the broader Nifty50 index lost 253 points to end at 11,559. Meanwhile, in broader markets, the Nifty Midcap fell 2.6 percent, while the Nifty Smallcap index declined 2.3 percent.

The fall in the index was led mainly by banking, especially public sector banks, followed by realty, auto, and financial services stocks. The sentiment was negative after the government’s move to tax share buybacks and increase minimum public shareholding in listed companies disappointed domestic investors.

Sentiment in broader Asia was negative too with MSCI’s broadest index of Asia-Pacific shares outside Japan inching over 1 percent lower after strong US jobs data tempered expectations for a Fed rate cut.

The Nifty Bank fell more than 2.5 percent, while Nifty PSU Bank was down 6 percent. Only 5 stocks in the Nifty50 index were trading in green. Bajaj Finance and Bajaj Finserv fell over 8 percent each, while YES Bank gained most, up 5 percent. Other losers included ONGC, IOC, and Maruti Suzuki, down around 5 percent each.

Among sectors, Nifty Realty, Nifty Auto, and Nifty Media fell over 3 percent each, while Nifty Financial Services and Nifty Private Bank lost over 2.5 percent each.

Auto index fell over 3 percent after the government in the Budget lowered goods and services tax (GST) on electric vehicles to 5 percent from 12 percent and raised basic customs duty on auto parts. Shares of Hero MotoCorp and Maruti Suzuki were among the top losers on Nifty Auto. Maruti shares were down 4.8 percent on reports of production cut, while Hero MotoCorp fell over 5 percent.

Shares of Punjab National Bank tanked 11 percent after it reported a borrowing fraud of Rs 3,805 crore in Bhushan Power & Steel Ltd's account.

Shares of MindTree fell over 10 percent after the company's chairman, vice chairman and CEO resigned on Friday, days after L&T took control.