SENSEX DIPS 1,940 POINTS AMID GLOBAL ROUT OVER BOND WORRIES

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Sensex dips 1,940 points amid global rout over bond worries

mumbai : Indian shares plunged nearly 4%, the sharpest drop in 10 months, on Friday amid a global stocks rout triggered by rising US government bond yields. On Friday, the benchmark Sensex fell 1,939 points, or 3.78%, to 49,099.99, the biggest daily drop since May 4, 2020. The 50-share Nifty index declined 3.78% to 14,529, led by banks and financial services stocks. The impact on the broader market was less severe, with both Nifty Midcap and Nifty Smallcap falling by 1.6% and 1.2%, respectively.

Indian shares fell in line with Thursday’s rout in the US after Treasury yields rose to their highest level in a year. Adding to investors concerns, US President Joe Biden on Thursday ordered airstrikes against the Iranian-backed militia in eastern Syria.

In India, the 10-year government bond yields closed at 6.20% on Friday, rising 30 basis points this month. The rupee weakened 1.4%, the biggest drop since March, to 73.4650 a dollar. P19

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