Sensex Plunges to 34005 Points After Banking Stocks Nosedive

The Sensex plunged 407.40 points or 1.18 per cent to close the day at 34,005.76 while the Nifty slipped 121.90 points or 1.15 per cent to end the day at 10,454.95

During the intra-day trading session on Friday, Sensex has touched a maximum of 34,017 points and a minimum of 33,849 points so far.

Bucking the fall on the Nifty50 were Tata Steel, Asian Paints and Lupin, all of which gained marginally.

For the quarter ended December 31, profit was Rs 1294 crore ($200.99 million), compared with Rs 243 crore in the same period a year earlier, the steelmaker said in a statement.

Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund said, "Trend in global interest rates and the subsequent impact on inflation, global economic growth as well as flow of funds, influenced investor sentiment through the week". At 9.50 AM, Sensex has recovered partially, still down by 458 points (-1.32%).

Investors are reportedly concerned about rising inflation, which is forcing central banks to raise interest rates.

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Back home, ICICI Bank dropped the most by 2.75 per cent, followed by ITC 1.9 per cent, HDFC 1.85 per cent, Axis Bank 1.66 per cent and Larsen and Toubro 1.6 per cent.

However, the BSE market breadth was slightly bullish with 1,428 advances and 1,348 declines. Meanwhile, the broad based NSE Nifty went up by 99.30 or 0.95% at 10,576.00 with 39 components posting rise.

Indian shares fell over 1 percent on Friday and were headed for their first.

U.S. stock market witnessed the second-worst point drop in its history on Thursday after it plunged by more than 1,000 points for the second time this week.

While Nikkei fell 508 points or 2.32%, Taiwan's T Sec 50 Index was down 156 points or 1.49%. The Nasdaq Composite Index tumbled 274.82 points, or 3.90 perc ent, to 6,777.16.

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