Key market indices climb down from Trump Tower
Donald Trump as the US President has raised concerns that the US Federal Reserve may slow down rate-cutting plans.
NSE's Nifty fell 284.7 points or 1.16% to close at 24,199.35. BSE's Sensex 836.34 declined 836 points or 1.04% to end at 79,541.79.
The benchmark 10-year US Treasury yield rose to 4.479%, its highest level since July, on Wednesday night on concerns the Trump administration might borrow more to fuel economic growth.
Fear Gauge Rises
An increase in borrowing could prompt the Fed to keep interest rates higher, which is not conducive to flows into emerging markets like India. «The US 10-year bond yields shot higher above 4.335% mark, which has raised doubts about further rate cuts in the US, which were a major driver of markets here in India,» said Apurva Sheth, head of research at Samco Securities. «Our markets have largely been inversely proportional to the bond yields in the past year (except during elections in India) and if the yields come off after Fed's commentary, the indices may see a gradual up move, but no sharp movements are expected.»
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