The equity barometers tumbled further in afternoon trade. The Nifty fell below the 14,600 mark. A spike in domestic and global bond yields coupled with rising coronavirus cases spoiled investors' appetite for risk assets.
At 13:20 IST, the barometer index, the S&P BSE Sensex, slumped 1,710.20 points or 3.35% at 49,329.11. The Nifty 50 index tanked 512.90 points or 3.40% at 14,584.45.
HDFC Bank (down 4.66%), HDFC (down 4.69%) and ICICI Bank (down 5.50%) were major drags.
In the broader market, the S&P BSE Mid-Cap index declined 1.81% and the S&P BSE Small-Cap index lost 1%.
Sellers outnumbered buyers. On the BSE, 899 shares rose and 1,897 shares fell. A total of 152 shares were unchanged.
The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday.
Foreign portfolio investors (FPIs) bought shares worth Rs 188.08 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 746.57 crore in the Indian equity market on 25 February 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 11,30,02,186 with 25,07,624 deaths. India reported 1,55,986 active cases of COVID-19 infection and 1,56,825 deaths while 1,07,50,680 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
NTPC (up 0.14%) and Sun Pharmaceutical Industries (up 0.06%) were top gainers in Nifty 50 index.
Mahindra & Mahindra (M&M) (down 5.54%), Axis Bank (down 5.49%), Kotak Mahindra Bank (down 5.39%) and Bajaj Finserv (down 5.26%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Dilip Buildcon advanced 2.32% after the company said it has been declared as lowest (L-1) bidder for two new projects aggregating to Rs 2,241 crore in Tamil Nadu and Puducherry.
Natco Pharma rose 0.33%. The drug maker on Friday announced the launch of brivaracetam tablets under brand Brecita in India. Brivaracetam is indicated towards treatment of epilepsy. The product is developed by UCB Pharma and currently marketed in India by Dr Reddy's Laboratories under brand name Briviact. Brecita tablets will be available in two strengths of 50 mg and 100 mg at significantly lower MRP prices of Rs 25 and Rs 35 per tablet, respectively. Epilepsy patients in India is estimated to be between 5-10 million, as per GEMIND guidelines.
Global Markets:
Shares in Europe and Asia slumped on Friday as global markets were roiled by a sudden spike in bond yields, which sent investors fleeing highly valued segments of the market.
Japan's industrial output rose for the first time in three months in January. Official data released on Friday showed factory output advanced 4.2% in January, boosted by sharp rises in production of electronic parts and general-purpose machinery, as well as a smaller increase in car output.
U.S. stocks dropped sharply Thursday as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names.
The major averages tumbled as the 10-year Treasury yield soared as high as 1.6% in a sudden move that some described as a flash spike. The yield later settled back down to around 1.52%, its highest level since February 2020.
The US economy grew at a 4.1% pace in the final three months of 2020, slightly faster than first estimated, ending a year in which the overall economy, ravaged by a global pandemic, shrank more than in any year in the past seven decades. The 4.1% gain in the gross domestic product — the broadest measure of economic health - is a slight upward revision from 4% growth in the first estimate released a month ago, the Commerce Department reported Thursday.
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