Indian indices saw the biggest single-day fall in 10 months, ending nearly 4 percent lower on Friday following a massive selloff in the global peers after a steep rise in benchmark US Treasury yields. On the domestic front, the markets saw selling across the board led by banks, metals, pharma and auto stocks.
The Sensex ended 1,939 points lower at 49,100 while the Nifty fell 568 points to settle at 14,529. Both indices ended around 3 percent lower for the week.
A surge in global bond yields spooked investors to 1.6 percent, the highest level in the last 1 year and triggered distressed selling in other assets. Yields on the US Treasury note vaulted to their highest since the outbreak of coronavirus pandemic on expectations of a strong economic expansion and related inflation.
On the Nifty50 index, no stock ended in the green while ONGC, Powergrid, Hero Moto, M&M, and JSW Steel led the losses.
Broader markets also ended in the red but outperformed benchmarks with the midcap and smallcap indices down 1-2 percent each.
All sectoral indices were also negative for the day. Nifty Bank and Nifty Fin services lost the most, down around 5 percent each. Meanwhile, the auto, IT and metal indices lost between 2 percent and 3 percent for the day. Nifty FMCG and Nifty Realty also ended 2 percent lower.
The shares of Dewan Housing Finance Corporation (DHFL) were locked in a 5 percent upper circuit at Rs 19.80, in an otherwise weak market, after the company received no objection from the central bank for the Piramal plan.
RailTel Corporation of India (RailTel) made a decent debut on the stock exchanges on Friday despite a heavy sell-off in the overall markets. The stock, which was listed at a premium of 15.96 percent to the issue price at Rs 109 per share on NSE, extended gains to hit an intraday high of Rs 125.5, rising 33.5 percent from the issue price of Rs 94. It ended 28 percent higher at Rs 120.60.
(Edited by : Pranati Deva)
First Published: Feb 26, 2021 3:35 PM IST
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