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Sensex Tanks 441 Points, Nifty Slips Below 15,000; Banks And IT Stocks Drag The Most

The BSE Sensex today closed down by 441 points or 0.87 per cent at 50,405.32, and Nifty-50 closed at 14,938.10, down by 143 points or 0.95 per cent

Photo Credit :

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The markets ended the week at a low negating the gains accumulated in the first three sessions of the week. Heavy selling in Banks and IT stocks dragged the index the most on Friday, March 5.

The BSE Sensex was down by 441 points or 0.87 per cent at 50,405.32, and Nifty-50 closed at 14,938.10, down by 143 points or 0.95 per cent. The BSE index closed with only nine advances in the 30-share pack and Nifty observed only 11 advances in the 50-share pack. Overall, Sensex posted 401 declines out of 500 shares.

IndusInd Bank, Tata Motors, Wipro and UPL were the top losers of Nifty on Friday. IndusInd Bank declined 4.77 per cent, Tata Motors declined 4.14 per cent, Wipro declined 4.09 per cent and UPL declined 3.88 per cent.

Amid volatility in the market, shares of Heranba Industries debuted on the market with a premium of 44 per cent against its issue price. The stock opened at Rs 900 against its issue price of Rs 627 and reached the day’s high at Rs 945. However, the stock ended the day at Rs 812.60, up 29.60 per cent.

On the sectoral front, all sectors closed red as selling was witnessed throughout the day in all sectors. The PSU Bank index was the worst hit on Friday as it declined almost four per cent. Shares of Bank of Baroda declined over six per cent, JK Bank and Canara Bank declined over five per cent each.

The broader markets witnessed pressure too as the benchmark indices weighed, BSE Midcap declined 1.89 per cent and BSE Smallcap shed 1.50 per cent. SAIL and Apollo Hospital were the top Midcap drags as the shares declined over five per cent each.

Weekly Outlook: Nifty-50 added 2.8 per cent or 409 points in the current week backed by strong support in the Midcaps and Smallcaps. Nifty Midcap gained 3.48 per cent and Smallcap added 3.95 per cent. The BSE Sensex gained 2.66 per cent or 1,305 points in the current week. The BSE IT and Energy sector added over per cent each.

Utkarsh Small Finance IPO: The small lender has filed papers with SEBI (Securities and Exchange Board of India) on March 5. The company aims to raise Rs 1,350 crore via issue of shares. The issue accounts for a fresh issue of Rs 700 crore and offer-for-sale by Utkarsh Coreinvest Ltd of nearly Rs 600 crore.

Overall Negative Sentiments

Negative cues from the U.S markets on rising bond yields and inflation concerns had also turned the sentiments for markets around the world. 

As fears of rising bond yields continue, both Domestic and Foreign Institutional Investors turned net sellers in the Indian equities. Further, the surge in the dollar index also affected the investor sentiments. 


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