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Indices Tread Red as Sensex Plummets Over 800 pts, Nifty Down to Almost 14,500

Equity benchmark Sensex tanked over 800 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 838.21 points or 1.64 per cent lower at 50,200.66. Similarly, the broader NSE Nifty was quoting 224.40 points or 1.49 per cent down at 14,872.95.

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.

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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 Rs 188.08 crore on Thursday, as per exchange data.

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.

Global markets tanked as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.

Meanwhile, RailTel Corporation of India (RailTel) got listed at Rs 109.00 per share, a premium of 15.96 percent to the issue price of Rs 94 per share on the National Stock Exchange (NSE) Friday. The shares were listed at Rs 104.60 apiece on the BSE. The state-owned RailTel Corporation has raised around Rs 819 crore through the initial public offering that was subscribed 42.4 times during February 16-18. The issue was a complete offer for sale by the government, so the government will receive the money, not the company.

Source: News18