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Sensex opens lower by 900 points, Nifty below 15000; Banks and Financials drag the most

The BSE Sensex opened lower by 917 points or 1.80 per cent at 50122.07 and Nifty-50 opened down by 267 points at 14,829.60

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Guided by global cues and the increasing number of corona-positive cases, the BSE saw a sharp decline of 917 points in the morning trade on February 26. The banks and metal stocks played the spoilsport at the opening and dragged the indices.  The BSE Sensex opened lower by 917 points or 1.80 per cent at 50122.07 and Nifty-50 opened down by 267 points at 14,829.60. Nifty Bank slips below 36,000 at the opening.

The market sentiment is fluctuating each new day on global news and rising Covid cases. The US markets closed lower as technology stocks and rising bond yields spoiled the party and weighed other markets too. 

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "We are now in a see-sawing market moving up & down in response to positive & negative news. But the long-term texture of the market has been ' buy on dips' and this strategy has been rewarding in this bull run. The sell-off in the US market yesterday was the market's response to 10- year yield touching 1.6 percent."

HDFC, HDFC Bank, IndusInd Bank and ICICI Bank made to the list of top index losers after slipping more than three percentage points each. The PSU Bank index also dipped by over two per cent with Bank of Baroda stocks emerging as the top loser.

NTPC, Sun Pharma and Dr Reddy's Labs made to top gainers of Nifty. 

On the broader aspect, BSE Midcap and Smallcap indices opened in the red territory. Midcap opened at 20,084.80 and Smallcap at 20,097.35.


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