The Indian markets witnessed their worst sell-off in 2019, as indices slumped by about 2% as a reaction to the budget proposals made by the government. The loss was also aided by the global sell-off.

It is also the 15th biggest loss in the history of Indian markets.

The Bombay Stock Exchange's (BSE), 30-share Sensex, opened the day's trade on the negative side 37 points lower. The bear in the market continued throughout the day, as Sensex, during the day's trade lost over 900 points.

However, at the end of the day's the markets witnessed a bit of buying as the 30-share index closed 793 points down at 38,720.57 points, down 2.01%. With this, Sensex has lost 1,187.49 points in just two trading sessions in the aftermath of the Budget.

The market breadth was also heavily negative, with 1,944 declines as against a mere 582 advances. The auto and banking stocks were the worst loser on the markets -- with SBI, Maruti, Tata Motors, Axis Bank, Kotak Mahindra Bank --  all among the top losers on the BSE Sensex.

The condition on the NSE was no different. Broader index, 50-share NSE Nifty, lost 2.1%. The broader index closed 252.55 points (2.14%) down from Friday's close at 11,558.6 points.

"Tax on Buyback of shares from companies and move to raise public float to 35% are fresh surprises and that would lead to some more adjustment of prices on the downside. Infusion of capital in PSU Banks and support to bond market would be by and large expected and it failed to cheer market participants," said Ashish Nanda EVP and Business Head - PCG, Commodities and Currency Business, Kotak Securities.

Many analysts see it as an opportunity to buy stocks as prior to the budget the valuations seemed to be unreal when compared with the fundamentals. 

"While there has been a sharp negative reaction to the government's new taxation and capital market rules, this may be an opportunity for savers and investors to re-allocate across different asset classes," said Anubhav Shrivastava, Partner at Infinity Alternatives.