Bloodbath at Dalal street as Sensex plunges nearly 1,400 points, Nifty slips below 22,150

The Sensex fell by nearly 1,300 points on Friday (February 28) and Nifty by around 300 points to trade below 21,250.

In the first 45 minutes of trading in the day, market capitalisation of around Rs 6 lakh crore was lost of the listed companies on the Bombay Stock Exchange (BSE).

In the early trading at the time of writing, all the sectoral indices were trading in the red with IT, auto, media, and telecom down by 2-3 pe rcent.

The BSE Midcap and smallcap indices were down by 2 per cent each.

While IndusInd Bank, M&M, Wipro, Tech Mahindra, and Infosys were among major losers on the Nifty, Coal India, Shriram Finance, Reliance Industries, and Grasim were among gainers.

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The fall in the markets came amid uncertainty that US President Donald Trump’s stand on tariffs has instilled. Throughout this week, he has gone back and forth on the timeline, saying that tariffs on Mexico and Canada will come into effect on March 4 on some occassions and April 2 on others. He has also threatened European Union (EU) with tariffs.

Moneycontrol reported that Prashanth Tapse, Senior VP (Research) at Mehta Equities, pointed to Trump’s announcement of a 25 per cent tariff on EU imports and Nvidia’s mixed quarterly results as key negative catalysts weighing on investor sentiment.

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Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, told Moneycontrol, “There is no respite for foreign outflows, which is adding pressure on the markets at this point. Additionally, global cues remain negative, with Asian and U.S. markets under pressure and profit booking happening across the broader equity markets. Right now, investors worldwide are grappling with uncertainty surrounding Trump’s tariff policies and a general lack of direction in the market. As a result, many prefer to stay in cash.”