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BSE Sensex Tanks 1939.32 Points, Worst Single Day Fall Since May 2020
The BSE Sensex closed lower by 1939.32 points or 3.8 per cent at 49,099.99 and Nifty-50 declined 568 points or 3.76 per cent at 14529.15
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Markets on Friday, February 26 witnessed their worst bloodbath since May 2020 as bears dominated the market throughout the day. The BSE Sensex dropped nearly 2000 points in the session and all stocks in the 30-share index were trading in the red. Negative cues from global markets and rising bond yields turned the market sentiment negative and markets can see more correction on rising bond yields, say analysts. Further, negative trends on the Singaporean Exchange also led the Indian markets to decline, experts pointed out.
The BSE Sensex closed lower by 1939.32 points or 3.8 per cent at 49,099.99 and Nifty-50 declined 568 points or 3.76 per cent at 14529.15. BSE Midcap and Smallcap indices fell sharply by 1.75 per cent and 0.74 per cent. 1229 shares declined and 498 shares closed with advances at the NSE.
All 30 shares in the BSE Sensex closed red with ONGC and M&M losing over six per cent. Sensex dropped over 3.5 per cent in the current week and the IT index is down 3.7 per cent this week as heavy sell-off in technology stocks in the global markets affected here.
Overall, ONGC, JSW Steel and Hero Motocorp made to top losers of the markets on Friday as they declined over six per cent each. Bharti Airtel and Reliance Industries also weighed the Index as they fell over three per cent and two per cent respectively.
HDFC Twins have accounted to the top contributors of today's fall by -500 points. Kotak Mahindra shed over six per cent and Axis Bank, RBL Bank and Bank of Baroda declined over five per cent.
Sectorally, all sectors closed red on Friday as they witnessed heavy selling. Banks, Financials and IT dragged the markets the most. The Nifty Banking index closed lower by 1745 points at 34,803.60.
The State-owned RailTel marked a positive debut today (Friday) in the markets after adding 15 per cent at Rs 109 to its issue price of Rs 94. Further, the stock rallied higher to reach the day's high of Rs 127.85 and closed higher by 29 per cent.
On the market trend, analysts feel that the market trend will depend on factors like bond yields and global markets in the coming few days. The markets today have closed the second week with negative figures and hence a further correction can be expected on negative global factors.
"For the next few weeks, the market trend would depend on the long-term bond yield trend, which should be on the watch list", said Shrikanth Chouhan from Kotak Securities.
Hemang Jani from Motilal Oswal Financial Services has also mentioned that the correction might continue further until the inflation fears in the investors will calm down.