Image Source : PTI Sensex slumps over 440 factors, Nifty slips under 15,000-level
The BSE gauge Sensex tumbled over 440 factors and the NSE Nifty cracked under the psychological 15,000-level on Friday according to relentless sell-offs in world equities as US bond market turmoil continued to rattle traders. At the closing bell, the Sensex was quoted at 50,405.32, exhibiting a decline of 440.76 factors or 0.87 per cent over the earlier shut. Intra-day, the index swung round 726 factors.
The NSE barometer Nifty ended decrease by 142.65 factors or 0.95 per cent at 14,938.10.
On the Sensex chart, IndusInd Bank, SBI, Dr Reddy’s, NTPC, ICICI Bank, HCL Tech and Bajaj FinServ emerged as main laggards.
On the opposite hand, ONGC, Maruti, Kotak Bank, Nestle and Ultratech Cement had been amongst gainers. Of the Sensex shares, 21 ended with losses.
Elsewhere in Asia, fairness markets continued their decline on Friday after a retreat on Wall Street amid issues that rising bond yields will result in inflationary stress.
“Domestic equities corrected for second consecutive day as rise in 10-Year USA Treasury yields and commentary from Federal Reserve chairman on rising bond yields weighed on traders’ sentiments. Barring FMCG, all key sectoral indices witnessed sharp pullback with metals and PSU financial institution indices witnessing steeper correction within the vary of 3-4 per cent,” mentioned Binod Modi, Head – Strategy at Reliance Securities.
Clearly, rising bond yield concern, which appeared to have softened final week, has come to the fore once more with back-to-back sharp rise in USA treasury yields, he mentioned, including {that a} greater bond yield reduces future earnings or money move projections and subsequently premium valuations of equities turn out to be uncertain.
Foreign traders had offloaded equities price Rs 223.11 crore on a web foundation in Indian capital markets on Thursday, in accordance with change information.
On the foreign exchange market entrance, the rupee closed 19 paise decrease at 73.02 towards the US greenback. Global crude oil benchmark Brent was buying and selling 1.26 per cent greater at USD 68.11 per barrel.
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