
Sensex plunges over 385 pts as banking stocks take a hit
The Bombay Stock Exchange benchmark Sensex on Friday plunged by over 385 points as banking stocks came under selling pressure on concerns that the recent cut in lending rates might hit their earnings.
Marketmen said rising inflation rate, which saw a six-month high of 4.35 per cent for the week ended February 9, also dampened the sentiments.
The Sensex, which had recorded a gain of 117 points in the previous day's trading, declined by 385.61 points to 17,349.07, with banking heavyweights SBI, ICICI Bank and HDFC taking a hit.
The key index touched the day's low of 17,294.73 and a high of 17,526.80 points.
National Stock Exchange index Nifty also dropped by 81.05 points to 5,110.75, after touching the day's low of 5,092.80 and a high of 5,184.00 points.
Banking index on the BSE fell 328.72 points at 10,150.22, followed by oil and gas index by 239.26 points at 10,673.00
Major PSU banks like SBI, Canara Bank and Bank of India have cut lending rates in the past few days.
Besides banking stocks, other leading scrips which lost significantly included Bajaj Auto, Reliance Industries, Tata Steel, Larsen and Toubro, Tata Consultancy Services and Infosys Technologies.
The market also remained under pressure as major Asian indices traded lower on renewed fear of the US entering into a recession.

US Prez Biden urges quick Senate action on huge stimulus package

US SC to look into system that lets corporations like Apple kill patent lawsuits
- In an argument at the intersection of intellectual property and the separation of powers, the justices on Monday will consider a challenge to a congressionally-created board that critics have dubbed a “death squad” because of its tendency to toss out patents.

Warren Buffett says 'never bet against America' in annual letter to shareholders

Reliance partners with Google, Facebook for digital payment network bid
- Facebook and Google are already partnered with Reliance and own stakes in Jio Platforms

ByteDance to hire 13k new employees, explore China's education technology

Texas’s power market is $1.3 billion short after energy crisis

McDonald's to sell part of its artificial intelligence start-up

Mukesh Ambani is again richest Asian as China’s Zhong loses $22 billion

Weekly wrap: After early surge, gold prices fall for last 3 days
- Gold set off to a brighter start at the beginning of the week as the price of the precious metal went up by ₹278 to ₹46,013 per 10 grams on Monday.

RBI in favour of retaining inflation target for 5 years

Telecom sector revenues back at pre-Jio levels

Indian shares crash as panic grips bond, global markets

India out of recession as GDP expands 0.4% in Q3

'Hit by double whammy of low growth, high inflation': Cong on economy's state
