Sensex cracks 1939 points, Nifty plummets 568 points, Financial Stocks Worst Hit

Indian equity benchmark indices declined the most since May last year as heavy sell-off in bond markets across the globe sparked a rout in global equities.

The  BSE Sensex tumbled 1,939 points lower at 49,099 while the NSE Nifty 50 index also plummeted over 568 points to end lower at 14,529. This was the worst weekly drop for the Sensex and the Nifty in a month when equities had declined over 5 percent ahead of the Union Budget. All fifty constituents on the NSE Nifty index ended with losses in today's session.

All the THIRTY constituents on the Sensex index and FIFTY stocks on the Nifty ended the day in the red. ONGC, JSW Steel, GAIL, Mahindra and Mahindra  Bajaj Finance, Grasim, and Hero MotoCorp were the top Nifty losers, down up to 8 per cent; Axis Bank, HDFC, Power Grid, ICICI Bank, and HDFC Bank were the top drags on the Sensex.

On the sectoral front, banking counters got butchered as yield concerns soured sentiment in the sector. Expectations that banks may have to show yield-induced fall in G-sec value as losses, investors triggered the sell button for banks. The Nifty Bank, and Private bank indices closed 5 percent down, followed by losses in the Nifty PSU Bank index, down 4.5 percent.

the Nifty Bank index emerging as the top sectoral laggard. The index fell 4.78 percent or 1,745 points to end below the 35,000 marks at 34,803. The PSU Bank index also saw declines of 4 percent.

The Nifty Auto index fell over 3 percent while the Nifty Metal index, Nifty Media index and the Nifty I.T. index saw losses between 2.3 percent to 2.7 percent. The Nifty Pharma index, which at one point was the only sectoral gainer, gave up gains to end with losses of 1.8 percent.

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