Sensex tanks over 1,000 points in opening trade
New Delhi, Feb 26: Equity benchmark Sensex tanked over 1,000 points in the opening session on Friday tracking losses in index majors ICICI Bank, HDFC twins and Reliance Industries amid a negative trend in global markets.
After touching a low of 49,950.75, the 30-share BSE index was trading 927.21 points or 1.82 per cent lower at 50,112.10.
Similarly,
the
broader
NSE
Nifty
was
quoting
270.40
points
or
1.79
per
cent
down
at
14,826.95.
IndusInd
Bank
was
the
top
loser
in
the
Sensex
pack,
shedding
around
3
per
cent,
followed
by
ICICI
Bank,
Axis
Bank,
HDFC,
M&M,
SBI,
HDFC
Bank,
Reliance
Industries
and
Tech
Mahindra.
On the other hand, Nestle India, Maruti, HUL and Bharti Airtel were among the gainers.
In the previous session, Sensex spurted 257.62 points or 0.51 per cent to finish at 51,039.31, and Nifty climbed 115.35 points or 0.77 per cent to 15,097.35.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth ₹188.08 crore on Thursday, as per exchange data.
"Recent rise in bond yields globally and concerns with regard to higher commodity prices weighed on investors' sentiments as these two elements reduce the future value of cash flows and earnings," said Binod Modi Head-Strategy at Reliance Securities.
US
equities
witnessed
steep
fall
as
sharp
spike
in
bond
yields
dampened
investors' sentiments.
Elsewhere
in
Asia,
bourses
in
Shanghai,
Hong
Kong,
Seoul
and
Tokyo
were
trading
with
significant
losses
in
mid-session
deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.62 per cent lower at USD 65.70 per barrel.