Indian benchmark equity indices opened lower on Thursday, dragged by banking and IT stocks, as U.S. fiscal concerns and rising Treasury yields weighed on global investor sentiment.
The BSE Sensex fell 812 points, or 1%, to 80,784, while the Nifty50 dropped 269 points, or 1.08%, to trade at 24,544 around 9:33 am.
Most Asian markets fell in early trade, following overnight losses on Wall Street, as yields on 20-year U.S. government debt hit their highest level since November 2023.
Investor sentiment has remained fragile since Moody’s downgraded the United States’ credit rating last Friday amid concerns over the country’s rising debt.
Higher Treasury yields typically make bonds more attractive to foreign investors, prompting capital outflows from stocks in emerging markets like India.
From the Sensex pack, Tech Mahindra, Power Grid, HCL Tech, IndusInd Bank, Nestle and M&M were the top laggards, while only Adani Ports and Tata Steel opened with gains.
IndusInd Bank shares slid 5.9% in early trade after the lender reported a consolidated net loss of Rs 2,329 crore in Q4 FY25. The loss was attributed to its derivatives segment. However, the stock recovered soon.
On the sectoral front, Nifty Bank, Auto, FMCG, IT, Pharma, Consumer Durables, and Oil & Gas indices declined between 0.5% and 1.5%. In the broader market, the Nifty Midcap slipped 0.35%, while the Nifty Smallcap edged up 0.1%.
The total market capitalisation of all listed companies on the BSE fell by Rs 2.5 lakh crore to Rs 438.68 lakh crore.
The BSE Sensex fell 812 points, or 1%, to 80,784, while the Nifty50 dropped 269 points, or 1.08%, to trade at 24,544 around 9:33 am.
Most Asian markets fell in early trade, following overnight losses on Wall Street, as yields on 20-year U.S. government debt hit their highest level since November 2023.
Investor sentiment has remained fragile since Moody’s downgraded the United States’ credit rating last Friday amid concerns over the country’s rising debt.
Higher Treasury yields typically make bonds more attractive to foreign investors, prompting capital outflows from stocks in emerging markets like India.
From the Sensex pack, Tech Mahindra, Power Grid, HCL Tech, IndusInd Bank, Nestle and M&M were the top laggards, while only Adani Ports and Tata Steel opened with gains.
IndusInd Bank shares slid 5.9% in early trade after the lender reported a consolidated net loss of Rs 2,329 crore in Q4 FY25. The loss was attributed to its derivatives segment. However, the stock recovered soon.
On the sectoral front, Nifty Bank, Auto, FMCG, IT, Pharma, Consumer Durables, and Oil & Gas indices declined between 0.5% and 1.5%. In the broader market, the Nifty Midcap slipped 0.35%, while the Nifty Smallcap edged up 0.1%.
The total market capitalisation of all listed companies on the BSE fell by Rs 2.5 lakh crore to Rs 438.68 lakh crore.
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