New Delhi: Stock markets had a sharp fall on Friday tracking massive sell-offs in global equities.
The in global bond markets spooked investors with the 30-share BSE index finishing with a loss of 1,939.32 points or 3.80 percent at 49,099.99. Similarly, the broader NSE Nifty plunged 568.20 points or 3.76 per cent to close the session at 14,529.15.
The frenzy in the Indian equities followed a global sell-off after a massive jump in the 10-year bond yields in the US. Investors feared foreign outflows as bond yields are inversely proportional to equity returns. When bond yields rise, equity markets generally under-perform.
All 30 Sensex constituents ended in the red. ONGC was the top loser, shedding around 6.50 per cent, followed by M&M, Bajaj Finserv, Axis Bank, Kotak Bank, PowerGrid, HDFC Bajaj Finance and ICICI Bank.
Sectorally, banking index suffered maximum loss with over 4.8 per cent drop. Financial and telecom indices too fell sharply by 4.9 per cent and 3.85 per cent, respectively.
The rupee dived 104 paise to settle at 73.47 (provisional) against the US dollar.
Asian shares down by the most in nine months. MSCI`s Emerging Markets equity index suffered its biggest daily drop in nearly 10 months and was 2.7% lower, while European shares opened in the red, with the STOXX 600 down 0.7%, recovering from heavier losses earlier in the session. The MSCI world equity index, which tracks shares in 50 countries, was 0.9% lower and heading for its worst week in a month. Asia saw the heaviest selling, with MSCI`s broadest index of Asia-Pacific shares outside Japan sliding more than 3% to a one-month low, its steepest one-day percentage loss since May 2020, a Reuters report said.
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With Agency Inputs
