Lagatar24 Desk
New Delhi, Sept.29: On the back of negative global cues, domestic stock indices have lost nearly 1% in early trading. As economic uncertainty caused a spike in US benchmark bond yields, US stocks ended sharply lower overnight, and Asia-Pacific stocks lost ground in early trading, tracking Wall Street’s decline. The BSE Sensex is currently trading at 59,234.75, down 409 points or 0.68 percent, while the NSE Nifty is at 17,638.95, down 108.95 points or 0.60 percent, as of 9:18 a.m. The BSE Midcap and BSE Smallcap indices are down 0.3 percent and 0.4 percent, respectively, in the broader markets.
The benchmark 10-year rate has risen 25 basis points in the last five sessions to 1.5513 percent, the highest level since mid-June.
Following an overnight drop on Wall Street, Asia-Pacific equities fell across the board on Wednesday morning, with the exception of the Jakartha index. The Nikkei 225 index fell 2.41 percent, the Topix index fell 2.5 percent, and the Kospi fell 1.8 percent.
Rising US Treasury yields, mounting concerns about persistent inflation, and difficult debt ceiling negotiations in Washington, all contributed to a dramatic sell-off on Wall Street on Tuesday. The Dow Jones sank 1.63 percent to 34,299.99, the S&P 500 dropped 2.04% to 4,352.63, and the Nasdaq Composite slid 2.83 percent to 14,546.68.
In early trading, stocks in the auto, private banking, and information technology sectors are all under selling pressure. ICICI Bank, HDFC Bank, and IndusInd Bank are the Sensex’s top three losers, each losing 1-2 percent. On the BSE, Bajaj Auto and Maruti Suzuki have both lost roughly 1% of their value. In the IT sector, Tech Mahindra and Infosys are both tradings at a loss of roughly 1% each.
Dr Reddy’s, Tata Steel, and Sun Pharma, on the other side, have all risen around 1% on the BSE.
The market breadth on the BSE is thin. There are 1,209 advancing shares and 1,280 declining shares among the 2,635 equities traded on the BSE.
