Sensex Falls For 6th Straight Day As US Bond Yields Rise; Rupee Falls

Posted By:
Subscribe to GoodReturns

The Sensex fell for the sixth straight day, as persistent selling by Foreign Portfolio Investors dragged the benchmark indice lower. The drop in the Sensex came after a sharp fall in the rupee to below the 68 levels, and a surge in US bond yields.

Sensex Falls For 6th Straight Day As US Bond Yields Rise; Rupee Falls
Gains in bond yields tend to have an adverse impact on emerging market stocks, as generally this is accompanied by capital outflows. The rupee also breached the 68 levels mark and was trading at 68.06 to the US dollar. Comments by US Fed Chairperson, Janet Yellen that interest rates in the US could rise "relatively soon" also impacted sentiments.

The Sensex ended the day lower by 77 points, while the Nifty ended lower by 6 points.
Leading the set of gainers in trade was NTPC, which rallied a huge 4 per cent. Sun Pharma and Hero Motor Corp were the other gainers from the Nifty. Among non index stocks shares that surged was Delta Corp, after reports that ace investor Rakesh Jhunjhunwala had picked a stake in the company.

Metal stocks saw some serious selling pressure with Hindalco, Vedanta and Tata Steel among the top losers in trade. Shares in Deepak Fertilizers also fell after the company's numbers lagged estimates.

However, Petronet LNG gained after a profit beat. The stock ended almost 8 per cent higher in trade.

Read more about: sensex, nifty
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'