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Sensex Crashes 1,800 Points; Nifty Trades Below 14,700 Mark
Fri, 26 Feb 02:30 pm | Monish Vora, TM Team

Share markets in India witnessed a sharp sell-off during noon hours today that dragged the benchmark Sensex lower by more than 1,800 points and made the Nifty go below 14,600 levels.

Most of this selling pressure is led by banking and financial stocks with the Nifty Bank, PSU Bank and Financial Services indices all falling up to 5%.

Losses are also seen on the back of weak global cues. Most Asian markets traded lower today after Wall Street's main indexes tumbled, following a steep rise in benchmark US Treasury yields.

As per media reports, US Treasury yields touched to their highest since the outbreak of coronavirus pandemic on expectations of a strong economic expansion and related inflation.

Currently, the BSE Sensex is trading down by 1,464 points, down 2.9%, at 49,574 levels.

Meanwhile, the NSE Nifty is presently trading down by 423 points.

The BSE Mid Cap index is trading down by 1.4%, while the BSE Small Cap index is trading down by 0.5%.

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On the sectoral front, losses are largely seen in the banking sector and finance sector which are trading down by 4.2% and 3.9%, respectively.

Kotak Bank and Mahindra & Mahindra are among the top Nifty losers today.

IIFL Finance is among the top buzzing stocks today.

IIFL Finance said it will launch a public issue of bonds next week to raise up to Rs 10 billion to augment its capital base.

Backed by Fairfax and CDC Group, IIFL Finance will issue unsecured redeemable non-convertible debentures (NCDs), with a base issue size of Rs 1 billion and a green-shoe option to retain oversubscription of up to Rs 9 billion.

The public issue of bonds will open on March 3, 2021 for the purpose of business growth and capital augmentation.

More details to follow in the upcoming commentary.

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