Sensex tumbles 425 points in closing

On the last trading day of the week, the Indian benchmark index BSE Sensex tumbled nearly 1.2 per cent or 425 points at 36,546.50. Also, NSE Nifty closed almost 125.80 points to settle at 10,943.60. This fall was led by negative global cues such as escalation of trade war tension between the US and China after US President Donald Trump said he would not meet with his counterpart Xi Jinping to talk on trade before the deadline of March 2.

During Friday’s trading session, BSE Sensex opened at 36,873.59 and was trading near this level through the day, but in the closing session, selling pressure accelerated leading to a steep fall in the index. Out of the total 30 constituents of BSE Sensex, only 6 stocks ended in green and those too were not up more than a per cent.

In technical terms, Nifty had formed a Doji-like reversal candlestick pattern on Thursday and Friday's level gave a confirmation of that reversal.

The biggest loser on both the indices was Tata Motors, which tanked nearly 18 per cent to close at Rs. 150.70 apiece. After posting its third consecutive quarterly loss, investors turned cautious which led to a massive sell-off in this scrip. Also, Vedanta and Tata Steel dipped more than 5 per cent and 3 per cent, respectively.