Market Wrap: Sensex, Nifty fall for third consecutive session; rising US bond yields weigh on market sentiment
US bonds yields and dollar weighed on stock market sentiment. US stocks futures and top European markets were in the red when the Sensex closed as fresh macroeconomic data in the US showed the resilience of the economy and raised concerns that the Fed will extend its monetary tightening policy. "US Treasury yields after stronger-than-expected private employment data and the announced refunding of the US government's maturing debt.
US 10-year yields hit a new nine-month peak of 4.17 per cent, while 30-year yields rose to a fresh nine-month top," a Reuters report said. India's 10-year bond yield rose about half a per cent to 7.189. Sensex opened 232 points lower at 65,550.82 against the previous close of 65,782.78.
The index cracked 820 points to hit the intraday low of 64,963.08 before closing the day with a loss of 542 points, or 0.82 per cent, at 65,240.68. The Nifty ended the day at 19,381.65, down 145 points, or 0.74 per cent. ICICI Bank ended as the top drag on the Sensex index, followed by HDFC Bank, TCS and Reliance Industries.
Mid and smallcaps outperformed the benchmark index, ending in the green. The BSE Midcap index ended 0.14 per cent higher while the Smallcap index rose 0.23 per cent. As many as 39 stocks ended in the red in the Nifty index while 11 stocks ended higher.
Shares of Titan (down 2.39 per cent), ONGC (down 2.36 per cent) and Bajaj Finserv (down 2.35 per cent) ended as the top losers in the Nifty index. On the other hand, shares of Adani Enterprises (up 2.48 per cent), Adani Ports (up 2.04 per cent) and Eicher Motors (up 1.51 per cent) ended as the top gainers in the Nifty pack. Barring Nifty Pharma (up 1.04 per cent), Media (up 0.91 per cent) and Healthcare (up 0.68 per cent), all sectoral indices
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