Black Friday: Massacre on D-St

Mumbai, February 26

The BSE Sensex crashed about 1,940 points to post its biggest single-day fall in nearly 10 months and the NSE Nifty plunged over 568 points to crack below the psychological 15,000-mark on Friday, tracking global selloffs triggered by a panic in bond markets overseas.

Rs5.3 lakh crore wiped off
n Investor wealth slumped by a whopping Rs5.3 lakh crore on Friday as the Sensex crashed to post its biggest single-day fall in nearly 10 months
Rupee logs worst day in 19 months
n The Indian rupee on Friday posted its biggest single-day fall in nearly 19 months, tumbling 104 paise to close at 73.47 against the US dollar as a rout in global bond markets weighed on investor sentiments

Investors also turned cautious ahead of the third quarter GDP data release, besides keeping an eye on simmering geopolitical tensions between the US and Syria.

At the day’s close, the Sensex settled 1,939.32 points lower at 49,099.99 — its worst single-day fall since May 4 last year.

Similarly, the NSE Nifty plunged 568.20 points to close the session at 14,529.15 — the biggest single-day drop since March 23 last year.

On the Sensex chart, all 30 constituents ended in the red, with eight scrips logging over 5% drop.

Sectorally, banking index suffered the maximum loss with over 4.8% drop. Financial and telecom indices too fell sharply by 4.9% and 3.85%, respectively.

“Equity markets opened gap down following spike in global bond yields and extended its weakness further as the session progressed. Panic in global bond markets led to sharp rise in yields which spooked investors amid fears of interest rate cycle reversal,” said Hemang Jani, Head of Equity Strategy, Broking amp; Distribution, Motilal Oswal.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Domestic markets tumbled in line with global trend triggered by a sharp rise in bond yields. Increasing geopolitical tension between the US and Syria aggravated the selling.” Although negative, mid and small caps outperformed their larger indices showing investor confidence, he said, adding the market will gain momentum as the global market is expected to stabilise supported by maintaining accommodative monetary policy and a growing economy. — PTI

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