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Indian Stocks Slump With Rupee and Bonds Amid Broad Asia Selloff
Indian equities declined the most since May last year as a sell-off in bond markets across the globe sparked a rout in global equities.
The S&P BSE Sensex ended 3.8% or 1,939 points lower at 49,099 while the NSE Nifty 50 index also shed over 550 points to end 3.8% lower at 14,529. This was the worst weekly drop for the Sensex and the Nifty in a month, when equities had declined over 5% ahead of the Union Budget. All 50 constituents on the Nifty index ended with losses in today's session.
All sectoral indices ended lower with the Nifty Bank index emerging as the top sectoral laggard. The index fell 4.78% or 1,745 points to end below the 35,000 mark at 34,803. The PSU Bank index also saw declines of 4%.
The Nifty Auto index fell over 3% while the Nifty Metal index, Nifty Media index and the Nifty I.T. index saw losses between 2.3% to 2.7%.
The Nifty Pharma index, which at one point was the only sectoral gainer, gave up gains to end with losses of 1.8%.
Broader markets ended lower but the losses were modest as compared to the benchmark indices. The Nifty Midcap index fell 1.6% while the Smallcap index ended with losses of 1.2%.
The India Volatility Index ended 22.9% higher at 28.14.
1,324 stocks on the NSE ended with losses while 571 stocks bucked the trend to end higher.
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Indian equities have opened lower after two straight days of gains. Sentiment across global equities is risk-off as bond markets continued to sell-off on Thursday.
The S&P BSE Sensex opened 1.5% or nearly 800 points lower at 50,256 while the NSE Nifty 50 index opened 1.4% lower at 14,888.
All sectoral indices have opened lower. The Nifty Bank index fell 2% at the start of trade to open below the mark of 36,000. The PSU Bank index is also down 2.5% in the early minutes of trade.
Nifty Metal, Nifty Media indices opened with losses greater than 1.5% while the Nifty Auto index declined 1.2%.
Broader markets have also opened lower, in-line with benchmark indices. The Nifty Midcap index is down 1.4% while the Smallcap index is down 1.3% at the start of trade.
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