Bears return to D-Street after 3 days; Sensex tanks 598 pts, ends below 51K

The US bond yields which have become influential on stock prices, globally, spiked to 1.48 per cent

Image SI Reporter New Delhi
bear market, sensex, nifty, loss, growth, investment

Stock market updates: The bears made a comeback on Dalal Street, reminding investors of last week's drubbing, as concerns over spike in bond yields rekindled on Thursday. The US bond yields which have become influential on stock prices, globally, spiked to 1.48 per cent, while in India, the yield on 10-year benchmark government bond rose to 6.26 per cent today, its highest level since April 2020.

Effectively, the Euro STOXX 600 was down 0.5 per cent and London's FTSE slipped 0.6 per cent. In Asia, the MSCI world equity index, which tracks shares in 49 countries, lost 0.5 per cent, the MSCI's ex-Japan Asian-Pacific shares lost 1.8 per cent, and Japan's Nikkei fell 2.1 per cent.

Back home, the benchmark indices tumbled over 1 per cent to end the session at day's low. The S&P BSE Sensex settled the day at 50,846 levels, down 598 points or 1.16 per cent. The Nifty50, meanwhile, defended the 15,000-mark and closed at 15,081 levels, down 165 points or 1.08 per cent.

As per technical charts, any breach below the 15,000-mark on the Nifty may create shorting opportunities. As regards Sensex, any decisive breakdown below the 50,000-mark may eradicate upside bias. READ MORE

Among individual stocks, UltraTech Cement, Dr Reddy's Labs, Asian Paints, HUL, and Maruti Suzuki, all up between 0.02 per cent and 4 per cent, were the only gainers on the Sensex. Adani Ports, Shree Cement, Grasim, SBI Life, and Wipro, up in the range of 0.8 per cent to 3 per cent, were the additional gainers on the Nifty.

On the downside, HDFC, Bajaj Finance, L&T, Axis Bank, HDFC Bank, and SBI tanked up to 2.5 per cent to end the day as top laggards on the BSE barometer. JSW Steel, Hindalco, Tata Steel, Tata Motors, and Coal India, meanwhile, dragged the Nifty index.

That said, the broader markets held their ground firm in this feeble market. The S&P BSE MidCap index settled 0.5 per cent higher, supported by gains in Adani Power, Concor, BHEL, AU Small Finance Bank, and IDBI Bank.

The S&P BSE SmallCap index, on the other hand, closed 0.8 per cent higher. 

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First Published: Mar 04 2021 | 07:50 AM IST

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