Sensex slumps over 440 points in early trade
The BSE benchmark Sensex tumbled over 440 points and the NSE Nifty cracked below the key 15,000-level in early trade on Friday in line with a slump in other Asian markets as US bond market turmoil continued to fan investor worries globally. Sensex dropped by 0.87 percent to trade at 50,405.99, in the opening session. Nifty was quoted lower by 0.83 percent at 14,956.
Who lost the most in early trade?
On the Sensex chart, IndusInd Bank, ICICI Bank, SBI, PowerGrid, and HDFC Bank emerged as major laggards, dropping as much as three percent. Of the Sensex shares, 21 traded in the red. Elsewhere in Asia, equity markets continued their decline on Friday.
Impact of US market on markets across the world
The "bond bears vs equity bulls" game continued in the US market with reverberations in other markets. The highly valued Nasdaq appears to be in a short-phase of reversion to mean, having declined 10 percent from record highs. "The US 10-year yield has again spiked to 1.575 percent giving further ammunition to bond bears," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
What happened yesterday in the market?
Back home, both Foreign institutional investors and domestic institutional investors turned sellers on Thursday, impacting market sentiments. On Thursday, the Sensex had shed 598.57 points, and the Nifty had lost 164.85 points. Foreign investors had offloaded equities worth Rs. 223.11 crore on a net basis in Indian capital markets. Meanwhile, global crude oil benchmark Brent was trading 0.77 percent higher at $64.32 per barrel.
