Indian markets opened the day lower in line with markets across Asia, after bond yields in the US once again rallied.
Japan's Nikkei 225 fell 2.51 per cent, while the Hong Kong's Hang Sang dropped more than 1 per cent. The Korean Kospi too fell by more than 1 per cent in trade. Overnight tech stocks in the US fell sharply after the 10-year US Treasury Yield rose again, last trading at 1.484%.
The Nifty was last seen trading with losses of 164 points, led by a sharp fall in banking stocks, while the Sensex dropped 634 points. In fact, the Bank Nifty was down more than 1.5 per cent in early trade.
Adani Ports shares were trading higher after the company said that it is set to acquire 31.5% in Gangavaram Port from an affiliate of Warburg Pincus for Rs 1,954 Crores. The stock of Adani Ports was last seen trading at Rs 740 on the NSE.
V.S.T Tillers Tractors shares were up after the company entered into a share purchase agreement for investment in Series A Preferred Stock of Zimeno Inc. The investee company is in the development of Electric Autonomous Tractor.
Meanwhile, gold too fell on rising bond yield prices with the precious metal having fallen significantly in the last one month.