Black Monday for Indian stock markets. Indian stock markets recorded second biggest single day fall on March 3 on heavy selling from funds on global cues. BSE index Sensex went tumbling down by a massive 5.12% or 900.84 points, recording its second biggest fall ever (in absolute terms) in history.

On the global front, week economic data and corporate news from the U.S. on February 29 renewed the worries of a recession.

New York-based hedge fund Renaissance Technologies Corporation, with assets worth $35.4 billion (Rs 1,41,600 crore), has received approval from the Securities and Exchange Board of India (Sebi) to operate in the Indian stock markets as a foreign institutional investor.

The designation allows the firm to participate directly in India’s financial markets.RenTech is the largest hedge fund to register in India since the new scheme was unveiled.

Other funds with foreign institutional investor status.

• D.E. Shaw
• Och-Ziff Capital Management
• Citigroup’s Old Lane