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Sensex plunges over 1000 points over economic package disappointment

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Sensex plunged by 1,068.75 points to close at 30,028.98 on Monday amid a sharp decline in banking and financial stocks. Media reports said the decline was a result of investors seeing the government measures to aid the economic recovery following the lockdown as inadequate.

Hero MotoCorp, Housing Development Finance Corporation (HDFC), Axis Bank, State Bank of India (SBI), Ultratech Cement, Bajaj Finance, ICICI Bank, Bajaj Auto, Maruti Suzuki India and IndusInd Bank were some of the biggest losers on Monday. The benchmark equity indices on the BSE and National Stock Exchange (NSE) closed 3.5% lower on Monday. The Nifty 50 slipped 313.60 points (3.43%) to end the day at 8,823.25. Both the BSE and NSE had opened around 0.3% lower earlier in the day and slipped nearly 3.65% during the intraday trade. On the Sensex, only four of the 30 stocks on the BSE benchmark were in the green.