Sensex crashes over 1,200 points, Nifty below 23,100: Why markets are falling today
The stock market came under heavy selling pressure, with the Sensex and Nifty declining nearly 1.5% as a sharp rise in bond yields to 19-year highs added to investor concerns.
Indian stock markets witnessed a sharp decline on Thursday, with the Nifty 50 and BSE Sensex both falling over 1,200 points. The Nifty 50 closed at 23,063.10, down 1.64%, while the Sensex settled at 73,580.54, down 1.67%. This market slide was driven by weak global cues and a significant rise in US bond yields, which climbed to a 19-year high.
Key players such as Bajaj Finance, Axis Bank, and Bajaj Finserv saw steep declines, with the latter plunging more than 5%. The selloff was widespread, affecting all sectors, with sectoral indices also trading in negative territory. The pressure on equities intensified as expectations of a sharp increase in US interest rates grew, with traders in Fed funds futures assigning a 66% probability of a rate hike in October.
Additionally, a rise in crude oil prices and concerns over US-Iran tensions added to market uncertainty. The rupee also weakened against the US dollar amid persistent foreign institutional investor selling in Indian markets. The outlook suggested that while mid- and small-cap stocks remain attractive, the market's focus will now be on the NSE listing, with investors hoping for a fair price.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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