Share Market Update: After opening on a marginally higher note, domestic benchmark indices BSE Sensex and NSE Nifty extended losses during the evening trade on Monday tracking weak cues from Asian peers amid sustained foreign fund outflow. The 30-share Sensex slipped 196.42 points down at 37,686.37, while the Nifty went down by 92.15 points to end below 11,200-mark. Biggest losers in the Sensex pack were Tata Motors, Bajaj Auto VEDL, shedding more than 5 per cent each. Shares of automobile conglomerate Maruti Suzuki slumped 4.5 per cent to Rs 5,40.95 after the firm reported Q1 results on Friday, despite reporting a profit that beat estimates, as the government lowered taxes on electric vehicles.

Government on Saturday slashed taxes on electric vehicles and chargers to boost the use of more eco-friendly cars across the country. However, investors in auto stocks did not seem to be ecstatic about the move, as the Nifty Auto index fell 2.8 per cent to a near 3-1/2-year low, with motorcycle makers TVS Motor and Hero Motocorp dropping as much as 3.5 per cent each.

ICICI Bank, HCL Tech shares were among the biggest gainers, jumping more than 1.2 per cent each. During the day, the 30-share index was trading 33.48 points or 0.09 per cent higher at 37,916.27 in the morning trade, while the broader Nifty was slightly lower at 11,279.35, showing a marginal fall of 4.95 points or 0.04 per cent.

Vodafone Idea Ltd reported a worse-than-expected loss of 48.74 billion rupees ($707.61 million) on Friday, sending its shares down as much as 10% in morning trading. “Sentiment is quite weak. Only a few companies are coming up with good numbers this earnings season,” Rusmik Oza, a vice president at Kotak Securities told news agency Reuters.

India’s benchmark 10-year bond yield was down 10 bps at 6.43 per cent after falling to 6.42 per cent immediately after the market opened on the back of Finance Minister Nirmala Sitharaman’s comments. Shares in Indiabulls Housing Finance also fell as much as 9 per cent, after a lawmaker alleged that it embezzled as much as 1 trillion rupees from the National Housing Bank and laundered the money.

The rupee opened on a weak note and fell 6 paise to 68.95 against the US dollar in early trade on Monday amid foreign fund outflows and cautious opening in domestic equities. Meanwhile, the brent crude futures, the global oil benchmark, fell 0.33 per cent to USD 63.25 per barrel.