Stock Market Live: Sensex cracks 550 points, Nifty below 14,400 as bond yields spike; metals, autos drag
Stock Market Live: Indian indices were trading lower for the sixth straight session on Friday following losses in global markets as a spike in bond yields spooked investor sentiment. The yield on the benchmark 10-year Treasury bonds hit 1.71 percent, its highest in almost 14 months. Domestically, all sectors witnessed broad-based selling with banking, metals and auto dragging the most.
“Market dynamics have become highly complex with an uncertain cocktail of positive & negative factors. The smart rebound in economic activity, sharp decline in crude by 7% overnight, reaffirmation of accommodative monetary stance by the Fed & resumption of FII buying are clear positives. But the second wave of Covid, particularly in the economically crucial state of Maharashtra, the rise in US bond yield above 1.7% and sustained DII selling are negatives. The market direction in the short-term will be decided by either the positive or negative factors gaining traction, going forward. Investors will have to wait & watch”
Opening Bell: Sensex, Nifty open lower for the sixth session as bond yields spike; banks, autos drag.
Indian indices opened lower for the sixth straight session on Friday following losses in global markets as a spike in bond yields spooked investor sentiment. The yield on the benchmark 10-year Treasury bonds hit 1.71 percent, its highest in almost 14 months. Domestically, all sectors witnessed broad-based selling with banking, financials, and auto dragging the most. At 9:18 am, the Sensex was down 243 points at 48,973 while the Nifty fell 75 points to 14,483. Broader markets were also in the red with the midcap and smallcap indices down 0.8 percent each. On the Nifty50 index, HCL Tech, Bharti Airtel, HDFC Life, SBI Life, and Dr Reddy’s were the top gainers while ONGC, GAIL, Tata Motors, L&T and Coal India led the losses.
Petrol, diesel prices unchanged for 20th consecutive day : The oil marketing companies (OMCs) kept petrol and diesel rates static for the 20th consecutive day on Friday. Accordingly, petrol prices in Delhi remained unchanged at Rs 91.17 a liter, while diesel prices maintained its price line of Rs 81.47 a liter in the national capital, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price remained unchanged at Rs 97.57 per liter on Monday. The cost of diesel also was the same at Rs 88.60 a liter. The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning.
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