Markets

Sensex tumbles 599 points in line with global meltdown

A view of the Bombay Stock Exchange building in Mumbai. File   | Photo Credit: PTI

Snapping its three-session winning run, the BSE Sensex plunged by around 599 points to crack below the key 51,000-level on Thursday amid a meltdown in global shares triggered by a surge in US bond yields.

Intra-day, the 30-share BSE index fell as much as 905 points before ending the session at 50,846.08, showing a decline of 598.57 points or 1.16%.

The broader NSE Nifty too closed with a loss of 164.85 points or 1.08% at 15,080.75.

On the Sensex chart, HDFC, L&T, SBI, Axis Bank, Bajaj FinServ and HDFC Bank were major laggards – dropping up to 2.62%. Of 30 Sensex shares, 25 closed with losses.

"Domestic equities traded lower today mainly on weak global cues…Financials and Metals indices were keg drags today, while FMCG, Pharma and IT indices were resilient. A sharp 6 bps rise in 10-Year U.S.A treasury yield made investors jittery today,” said Binod Modi, Head - Strategy at Reliance Securities.

Over the previous three sessions, the Sensex had risen by 2,344.66 points or 4.77%, while the Nifty had added 716.45 points or 4.93%.

Foreign investors had bought equities worth ₹2,088.70 crore on a net basis in Indian capital markets on Wednesday, according to exchange data.

On Thursday, Asian shares too tumbled after an overnight surge in bond yields dragged Wall Street lower.

On the forex market front, the rupee ended 11 paise lower at 72.83 against the U.S. dollar.

Meanwhile, global crude oil benchmark Brent was trading 1.16% higher at $64.73 per barrel.

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Printable version | Apr 16, 2021 6:34:22 AM | https://www.thehindu.com/business/markets/sensex-tumbles-599-points-in-line-with-global-meltdown/article33988416.ece

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