Sensex Nosedives By 1200 Pts On Sharp Surge In US Bond Yields

Indian indices after opening weak have further taken a hit primarily owing to the sharp surge in the US bond yield on Friday to 1.91% levels following the blockbuster as well as surprising US jobs data. The better jobs number also suggests that the US shall go with its earlier announced timeline of the tapering as the inflation worries continue to linger.

Sensex Nosedives By 1200 Pts. On Sharp Surge In US Bond Yields

On the Sensex at the time of writing this copy there has been a drag of 1124 points at the time of writing this copy, while Nifty too has taken a hit by a huge 330 points to last trade at 17186 points.

Top losers in trade on the hefty losses from the Nifty pack are stocks like HDFC twins, Britannia, Bajaj Finance and Larsen and Toubro, all falling over 3% at the time of writing this report.

While outliers in trade have been PSU stocks such as ONGC, Power Grid, NTPC, Coal India and SBI.

Among the Nifty sectoral indices, all of the indices are in the red barring the Nifty PSU Bank which is seeing positive momentum following better earnings. SBI and Bank of Baroda have hogged the limelight in otherwise weak trading session, hitting fresh 52-week highs. Further, the Nifty Private bank, financials, FMCG and media have all fallen in trade by more than 2% as at 2:00 pm.

Meanwhile, on strength in the dollar index, rupee is also trading at 74.6963 per US dollar.

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