Equities tumble amid global selloff, private lenders hit
Mumbai: Equity benchmark indices cracked by nearly 1.5 percent during early hours on Friday tracking a similar feeble trend in global markets amid continued sell-off in bond markets.
At 10:15 am, the BSE S&P Sensex was down by 802 points or 1.57 percent at 50,238 while the Nifty 50 tumbled by 227 points or 1.5 percent to 14,870. Except for Nifty pharma, all sectoral indices at the National Stock Exchange were in the negative zone with Nifty private bank down by 2.6 percent, PSU bank by 2.2 percent, and financial service by 2.3 percent.
Among stocks, IndusInd Bank slipped by 3.8 percent to Rs 1,067.25 per share. ICICI Bank and Axis Bank ticked lower by 3 percent, HDFC Bank by 2.6 percent, and Kotak Mahindra Bank by 2.2 percent.
The other major losers were Bajaj Finance, Bajaj Finserv, HDFC, GAIL, and UPL. However, Maruti Suzuki gained by 1.5 percent. Pharma majors, Dr. Reddy's, and Sun Pharma were up by 1.3 percent and 1.1 percent respectively.
Meanwhile, Asian stocks skidded to one-month lows as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets. MSCI's broadest index of Asia Pacific shares outside Japan slid by 2.4 percent to a one-month low while Japan's Nikkei shed 2.5 percent. Chinese blue chips joined the retreat with a drop of 2.5 percent.
