The key benchmark indices plunged on Monday led by a sharp decline in banking, metals and oil & gas stocks.

Finance Minister Pranab Mukherjee set a sharply higher fiscal deficit target to 6.8 per cent for the financial year ending March 2010. In a big surprise, the finance minister totally bypassed the issue of divestment. Finance minister also surprised the markets by keeping quiet on Foreign Direct Investment (FDI).

The Sensex was trading at 14, 337, down 575 points while the Nifty fell 174 points to 4,250 levels.

On the sectoral front, the BSE banking index fell 5.3 per cent. The BSE metal index fell 4.5 per cent and the BSE power index shed 3.7 per cent.

In the 30-share Sensex pack, 29 stocks were trading lower.

Reliance Infra was the biggest loser. The stock plunged over 8 per cent. HDFC, ICICI Bank and Tata Steel  were the other main losers in the group, down over 6.9 per cent each.