The Indian fairness benchmarks fell sharply and closed decrease for fifth session in a row on Thursday monitoring rising 10-year US bond yield triggering fears of outflow of cash from equities to bonds, analysts stated. Rising Covid-19 circumstances within the nation additionally soured the investor sentiment in the direction of danger property. The benchmarks staged a spot up opening however reversed good points after the 10-year US bond yield moved above 1.7 per cent, its highest degree since January. The Sensex dropped as a lot as 1,334 factors from the day’s highest degree and Nifty 50 index touched an intraday low of 14,478.60 after hitting an intraday excessive of 14,875.20.
The Sensex ended 585 factors or 1.17 per cent decrease at 49,216.52 and Nifty 50 index tumbled 163 factors or 1.11 per cent to shut at 14,557.85
“U.S. 10-year yields are now up to 1.72%, its highest since January last year and it is tough to ignore sentiment from the bond market which is spilling over to equity markets,” Amit Kumar Gupta, portfolio supervisor at Adroit Financial Services informed information company Reuters.
“Today the market failed to show resilience to stay above the level of 14,750. As of now, the short-term technical condition of the market shows that the expected range of the market is likely to be between 14,410 and 14,900,” Ashis Biswas, head of technical analysis at CapitalVia Global informed NDTV.
