Sensex dives 726 points in early trade tracking global sell-offs

Sensex dives 726 points in early trade tracking global sell-offs
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Mumbai: The BSE Sensex slumped over 726 points to slip below the key 51,000-level in early trade on Thursday, tracking meltdown in global shares due to a surge in bond yields overseas.

The 30-share Sensex was trading at 50,718.36, showing a fall of 726.29 points or 1.41 percent.

While the broader NSE Nifty was trading down 197.05 points or 1.29 percent at 15,048.55.

On the Sensex chart, HDFC duo fell as much as 2.48 percent, followed by Bajaj FinServ, Kotak Bank, and Bajaj Finance dropping up to 2.23 percent.

Of Sensex shares, 27 traded in the red.

Over the previous three sessions, the Sensex had risen by 2,344.66 points or 4.77 percent, while the Nifty had added 716.45 points or 4.93 percent.

Asian shares tumbled on Thursday after an overnight surge in bond yields dragged Wall Street lower.

"Bond yields are now exerting a major influence on stock prices, globally. After spiking to 1.6 percent on February 25, the US 10-year yield fell to 1.4 percent, and yesterday it has again risen to 1.48 percent impacting equity markets," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Foreign investors had bought equities worth Rs 2,088.70 crore on a net basis in Indian capital markets on Wednesday, according to exchange data.

Meanwhile, global crude oil benchmark Brent was trading 0.36 percent higher at USD 64.22 per barrel.