Sensex tanks over 1,000 points today: What is dampening equity markets?

The high spirits on the budget were short-lived as the global concerns have began weighing on equities.

The domestic equity markets have been on a slippery slope in the last two sessions on increasing fears around hawkish outlook from global central banks and unabated rise in oil prices. The BSE Sensex today shed over 1,300 points intra-day while the NSE Nifty slipped below the 17,150-mark. 

The indices, however, recovered some of the lost ground by close with the S&P BSE Sensex ending the day at 57,621 levels, down 1,024 points. The Nifty50, on the other hand, closed 302 points lower at 17,214 levels.

"Monday's weakness can be attributed to heavy selling by FIIs amid rising