Markets have drowned Finance Minister P. Chidambaram's Budget 2013-14, with BSE benchmark Sensex nose-diving 291 points to close below 19,000 level as FII tax issues and new surcharge on domestic corporates left investors disappointed.

Moreover, after a higher start, the Sensex tumbled by 290.87 points, or 1.52 per cent to settle at 18,861.54, its lowest level since November 27. In fact, in a volatile trade, the gauge recorded its second biggest loss this month after February 21 when it tumbled 317 points.

At the same time, the National Stock Exchange index Nifty dropped by 103.85 points, or 1.79 per cent to 5,693.05 and that Banking stocks led by State Bank of India suffered heavy losses on concerns of liquidity in the banking system after the government set its target for gross market borrowing at Rs. 6.29 trillion this fiscal was less than the market expectations.

To say more, the sentiment turned bearish on hike in some taxes despite reduction in Securities Transaction Tax and a higher global trend. Auto stocks were also down as the government announced hiking excise duty on luxury cars and their parts. Moreover, Stocks of SBI dropped by 5.80 per cent to Rs. 2,085.40 and ICICI Bank by 3.86 per cent to Rs. 1,040.30. HDFC Bank lost 2.67 per cent to Rs. 625.60 and HDFC Ltd by 2.32 per cent to Rs. 760.40. Even in auto sector, Maruti Suzuki fell by 3.74 per cent to Rs. 1,356.65, Mahindra and Mahindra by 2.27 per cent to Rs. 871.05 and Hero MotoCorp by 0.32 per cent to Rs. 1,667.80.

(AW:Samrat Biswas)