Markets end week of hits & misses on a low; Sensex declines 714 points

Rising US yields halt indices after two days of gains

Domestic markets snapped a two-day gaining streak after the 5-year US Treasury yields topped 3 per cent following US Federal Reserve Chairman Jerome Powell’s comments that a 50-basis-point rate hike could be on the cards in May.

The benchmark Sensex declined 714 points, or 1.2 per cent, to end at 57,197. The Nifty ended at 17,172, with a drop of 220 points, or 1.2 per cent. Following an intensely volatile week, the Sensex and Nifty ended the week with a decline of 2 per cent and 1.7 per cent, respectively.

The yield on the 5-year treasury rose 2 bps to