Sensex gives up 51,000, tumbles 700 points, Nifty falls below 15,050 amid weak global cues

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Domestic equity market benchmarks BSE Sensex and Nifty 50 were likely to open in red on Thursday, after a three-day rally. the total market capitalisation of the BSE-listed companies increased by Rs 3.7 lakh crore to Rs 210.22 lakh crore. In the previous session, the 30-share Sensex posted the biggest single-day rise since February 2. It jumped 1,148 points or 2.28 per cent to 51,444.65.

Likewise, the NSE Nifty climbed 326.50 points or 2.19 per cent to end at 15,245.60. Asian stock markets were trading in the negative territory taking cues from overnight declines on Wall Street as bond yields rose yet again. Japan’s Nikkei 225 fell 1.18 per cent while the Topix index shed 0.62 per cent. South Korea’s Kospi slipped 0.67 per cent. Major indices on Wall Street declined as the tech-heavy Nasdaq Composite dropped 2.7 per cent to close at 12,997.75. The S&P 500 fell 1.31 per cent to 3,819.72 while the Dow Jones Industrial Average declined 121.43 points to 31,270.09.

MTAR Technologies’ Rs 596-crore initial public offering (IPO) was fully subscribed on the first day of the bidding process. The issue was subscribed 3.68 times, receiving bids for 1.95 crore shares against issue size of 72.60 lakh shares. The issue was subscribed 71 per cent within the first hour of opening.

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