Market slide continues as FIIs press sell button on rising US bond yields

Sensex drops below 35,000 after 1,150-point steepest two-day sell-off since November 2016

Indian and global equities extended the sell-off on Monday, as investors’ risk appetite continued to wane after US bond yields hit a four-year high, raising speculation that the Federal Reserve will raise policy rates more aggressively. 

The benchmark Sensex declined 309.6 points, or 0.9 per cent, to 34,757, its lowest close since January 16. The 30-share blue-chip company index has lost 1,150 points since Friday — its steepest two-day sell-off since November 2016, when high-value currency notes were banned. 

In intra-day trade, the Sensex was down as much as 545 points but managed to recoup some losses on buying support