New Delhi: Nirmala Sitharaman’s second budget has turned out to be a major disappointment for the markets, as a higher fiscal deficit gave no clear roadmap for how the Centre planned to reverse the economic slowdown.Market participants also pointed out that expectations had built up that there would be a reduction in the long-term capital gains (LTCG) tax, which also did not happen.The 30-share benchmark BSE Sensex nosedived as much as 1,274 points to the day’s low, before ending at 987.96 points or 2.43% lower at 39,735.53. This is one of the biggest falls in recent times after the presentation of the Union Budget.Only 5 of the 30 constituents, including TCS, HUL, Nestle, and Infosys, settled the day in the green. On the downside, ITC, HDFC, L&T and SBI settled the day as top laggards. Heavyweights like HDFC twins, ITC, ICICI Bank, Reliance Industries, L&T, and SBI slumped up to 7 per cent, dragging the markets lower.On the NSE, the Nifty50 closed at 11,643.80, down 392 points, or 3.26%. During the intra-day trade, the index hit a low of 11,633.30 level.Sectorally, Nifty Realty index tanked over 8% at close as the Budget ruled out any sop to help the sector out of the inventory build-up. That apart, Nifty Bank, Private Bank, Metal, Financial Services, Auto, and Public Sector Bank indices settled over 3% lowerIn the broader market, the S&P BSE mid and small-cap indices closed over 2% lower each at 15,119.65, and 14,344.70 level, respectively. “Post the announcement of the budget, benchmark Nifty tanked vertically to 11,650, a fall of over 300 points fall during the day. It happened mainly due to lot of expectations that D-street had built in the run-up to the event. We feel that the budget is balanced and has taken care of a number of sectors. It will certainly have a positive impact in the long run. Technically, the short-term trend is weak and is likely to continue for the next few trading sessions,” said Shrikant Chouhan, senior vice-president, equity technical research, Kotak Sec, in a statement.(With inputs from agencies)