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Indian equity benchmarks fell sharply on Friday mirroring losses in other Asian markets on fears that rising bond yields on US would result in outflow of foreign funds from emerging markets. The S&P BSE Sensex dropped as much as 630 points and Nifty 50 index dropped below its important psychological level of 14,400. Reliance Industries, HDFC Bank, HDFC, Larsen & Toubro, Bajaj Finance, State Bank of India and Infosys were among the top drags on the Sensex.
As of 9:44 am, the Sensex was down 372 points at 48,844 and Nifty 50 index declined 131 points or 0.9 per cent to 14,426.
Asian share markets eased on Friday as a spike in global bond yields soured sentiment toward richly priced tech stocks, while a stampede out of crowded positions in crude oil caused the sharpest setback in months.
The yield on the benchmark US Treasury note, whose surge has roiled markets in recent weeks, fell back after hitting its highest level since January 2020 ahead of the highly anticipated statement from the central bank.
Back home, selling pressure was broad-based as all the 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty PSU Bank index’s over 3 per cent fall. Nifty Auto, Realty, Bank, Finance, Metal, Media, IT, Financial Services and FMCG indexes also fell between 1-3.5 per cent.
Mid- and small-cap shares were also facing intense selling pressure as Nifty Midcap 100 index declined 2.42 per cent and Nifty Smallcap 100 index dropped over 3 per cent.
Forty five out of 50 Nifty constituents were trading lower led by Tata Motors’ over 4 per cent decline. ONGC, GAIL India, Divi’s Labs, Larsen & Toubro, Bajaj Finance, Hindalco, Tata Steel, Mahindra & Mahindra, JSW Steel, Adani Ports, Maruti Suzuki, Titan, Bajaj Auto and Eicher Motors also fell between 2-4 per cent.
On the flipside, HCL Technologies, Nestle India, Bharti Airtel, ITC and Kotak Mahindra Bank were among the notable gainers.
The overall market breadth was extremely negative as 1,921 shares were advancing while 304 were advancing on the BSE.
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