BSE Sensex fell 231.62 factors or 0.35% to settle at 65,397.62. During the day, it plunged 320.63 factors or 0.48% to 65,308.61. File
Benchmark inventory indices Sensex and Nifty fell for the third day working on Friday as a result of weak developments in global markets and soaring crude oil prices.
Foreign fund outflows additionally weighed on investor sentiments amid strengthening U.S. bond yields that are nearing 5% for the primary time since 2007.
The 30-share BSE Sensex fell 231.62 factors or 0.35% to settle at 65,397.62. During the day, it plunged 320.63 factors or 0.48% to 65,308.61.
Falling for a third straight day, the Nifty declined 82.05 factors or 0.42% to 19,542.65.
In three periods to Friday, Sensex dropped 1,030 factors whereas Nifty tanked 268 factors as a result of promoting stress.
Among the Sensex corporations, ITC, Tata Steel, Hindustan Unilever, State Bank of India, JSW Steel and Power Grid have been the key laggards.
Kotak Mahindra Bank, IndusInd Bank, Tata Consultancy Services and NTPC have been the key gainers.
Vinod Nair, Head of Research at Geojit Financial Services stated, “The added uncertainty stemming from West Asia tensions and the imperative for continued monetary tightening emphasized by the U.S. Fed Chair created a layer of volatility in the market.
“While heightened oil prices and elevated U.S. bond yields will influence the home financial atmosphere and operational metrics of the businesses.”
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the negative territory. European markets were trading lower. The U.S. markets ended lower on Thursday.
Global oil benchmark Brent crude jumped 1.14% to $93.40 a barrel.
“Rising charges are intuitively not constructive for fairness markets. With U.S. authorities bonds giving 5% greenback returns, the ask charge for equities goes up considerably if one have been to regulate for threat premium and forex hedging,” Alok Agarwal, Portfolio Manager at Alchemy Capital Management said.
The yield on the 10-year Treasury touched 4.99%, up from 4.91% late Wednesday, before paring its gain to 4.98%. Early Friday, the 10-year Treasury yield was 4.94%.
Brent crude, the international standard, picked up $1.29 to $93.67 per barrel as escalating Hamas-Israel conflict fuelled supply concerns.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,093.47 crore on Thursday, according to exchange data.
The BSE benchmark fell 247.78 factors or 0.38% to settle at 65,629.24 on Thursday. The Nifty declined 46.40 factors or 0.24 per cent to 19,624.70.
