Sensex falls over 1,600 points; Nifty below 14,650

3 months ago 6

Banking and financial stocks were the major losers in the sensex pack. (Representative image)

NEW DELHI: Equity indices fell on Friday with benchmark BSE sensex plunging over 1,600 points, as a spike in global bond yields sparked a sell-off in world equities.
At 12.10 pm, the 30-share BSE index was trading 1,650 points or 3.23 per cent lower at 49,389; while the broader NSE Nifty was down 473 points or 3.13 per cent at 14,625.
M&M, ICICI Bank, HDFC, HDFC Bank, Bajaj Finserv, Axis Bank and Kotak Bank were the major losers falling as much as 5.40 per cent.
While Dr Reddy, Sun Pharma and Nestle India were the only gainers.
On the NSE platform, all sub-indices trading in red with Nifty Bank, Private Bank and Financial Services falling up to 4.87 per cent.
Overnight, US treasury yields vaulted to their highest since the pandemic began, leading to steep fall in equities.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant losses in mid-session deals.
"Recent rise in bond yields globally and concerns with regard to higher commodity prices weighed on investors' sentiments as these two elements reduce the future value of cash flows and earnings," Binod Modi, head-strategy at Reliance Securities told news agency PTI.
Investors also turned cautious ahead of the December quarter gross domestic product (GDP) data release scheduled to come later in the day.
In the previous session, the 30-share BSE index ended 257.62 points or 0.51 per cent higher at 51,039.31. Similarly, the broader NSE Nifty rose 115.35 points or 0.77 per cent to 15,097.35.
(With inputs from agencies)

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