Indian benchmark indices reversed sharply on Tuesday, September 15, after starting the session on a strong footing, with the Sensex losing more than 1,200 points from its intraday high and the Nifty slipping below the 23,300 mark.
As of 2:45 pm, Nifty was trading 0.98% lower at 23,168, and Sensex fell 0.82% lower to 74,169.
Nifty IT had gained as much as 5%, while HDFC Bank also rose after the lender nominated two candidates for the RBI's consideration for the CEO position.
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Most sectors are trading in the red, with IT and FMCG bucking the trend. Defence stocks led the losses, falling over 5.3%, followed by Realty and Metal.
Three reasons why the market is falling:
Crude oil is back above $107
Brent crude was trading near $107 a barrel as concerns grew over a wider Middle East conflict and potential disruptions to energy supplies. New Houthi attacks on Saudi Arabia and uncertainty around regional diplomacy have added to supply concerns.
For India, a major crude importer, expensive oil raises the import bill and inflation risks while potentially complicating the interest-rate outlook.
US bond yields hit a key threshold
The US 10-year Treasury yield crossed 5% on Monday for the first time since October 2023. Higher US yields can make dollar assets more attractive, tighten global financial conditions and weigh on emerging-market equities.
The move has added to caution ahead of the Federal Reserve's policy decision this week.
Selling pressure meets a weak technical setup
The broader market remains under pressure, with financial, defence, realty and metal stocks among the key drags. India VIX also climbed about 6%, signalling rising near-term volatility.
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