Sensex tanks by 407.40 pts on profit-booking amidst weaker global

Sensex tanks by 407.40 pts on profit-booking amidst weaker global

The broader NSE Nifty also soared 137.60 points, or 1.31 per cent, to quote at 10,614.30. The actual dip was of 1,033 points or 4.15% to 23,860 points. The Nifty fell by 122 points to end at 10,455.Broader markets, however depicted a mixed trend as the mid-cap index fell 0.09 per cent, while small-cap up 0.23 per cent.

Indian benchmark indices fell over 1.50% in opening trade on Friday after USA stocks plunged around 4% on Thursday in another dramatic session.

U.S. stocks began to wobble last Friday after a healthy United States labour market report sparked a spike in bond yields and fears of rising inflation which could trigger more central bank rate hikes.

"The 10-year-bond yield fell from yesterday's high of 7.61 per cent to 7.49 per cent and rupee strengthened which is positive for investors", Nair said.

'Economy was in hands of a bad doc during UPA'
Q.1 What is the price per aircraft of the 36 Rafale Aircrafts being purchased by Modi Government? The Congress chief is already facing a privilege motion for his word play on Jaitley's surname. "UPA's new strategy is to manufacture corruption charges".

However, in contrary to the bearish sentiments in the markets, Reliance Capital traded higher by 1.94% at Rs 479.20 per share after it posted a net profit of Rs 315 crore for the third quarter ended on December 31, a growth of 50%, on Thursday.

Global cues have weighed on Indian stock markets with major indexes on track for a second straight weekly fall after embarking on a record-hitting spree in January.

Larsen & Toubro, Reliance, ITC, Maruti Suzuki were among the other bluechip losers on Friday. "The PE (price to equity) ratio is getting re-rated, but there is unlikely to be any cut in earnings estimates going ahead", said Vinod Nair, head of research at Geojit Financial Services. Among regional indices, Nikkei 225, Straits Times, KOSPI and Hang Seng moved up between 0.4% to 1.2%.

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