India's benchmark stock indices ended lower for the third straight day on Thursday, while the yield on 10-year government bonds rose to an over three-month high and the rupee weakened.
The pharmaceutical and media sectors advanced, while realty and banks were under pressure. The indices fell to their lowest level in a month during intraday trade, with the Sensex slipping below the 65,000 mark and the Nifty falling below the 19,300 level. However, Nifty Pharma surged 2.07% to a record high of 15,253.20.
Globally, stocks deepened a slump, unravelling more of this year's high-powered rally as treasuries added to their decline. Investors braced for another interest rate increase from the Bank of England later on Thursday.
European stocks fell 1% as they headed for their steepest three-day retreat since March. U.S. contracts signalled further weakness after the worst session in three months for the S&P 500. Asian shares also dropped for a third day.
The S&P BSE Sensex closed 542 points, or 0.82%, lower at 65,240.68, while the NSE Nifty 50 declined 145 points, or 0.74%, to end at 19,381.65.
Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., Eicher Motors Ltd., Infosys Ltd. and Sun Pharmaceutical Industries Ltd. positively contributed to changes in the Nifty 50.
HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. weighed on the index.
The broader market indices outperformed their larger peers, with the S&P BSE MidCap rising 0.14% and the S&P BSE SmallCap ending 0.23% higher.
Sixteen out of the 19 sectors compiled by BSE Ltd. declined, while three sectors advanced. S&P BSE Healthcare rose the most, whereas S&P BSE Realty and S&P BSE Metal fell the most.
The market breadth was skewed in favour of the buyers. About 1803 stocks rose, 1760 declined, and 152 remained unchanged on the BSE.
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