Sensex slips 585 points dragged by IT, financial stocks; Nifty settles at 14,557 – Times of India

NEW DELHI: Equity indices slipped for the fifth straight session on Thursday with benchmark BSE sensex falling nearly 600 points, dragged by IT, financial and pharma stocks.
The 30-share BSE index dropped 585 points or 1.17 per cent to close at 49,217; while the broader NSE Nifty settled 163 points or 1.11 per cent lower at 14,557.
HCL Tech, Infosys, Dr Reddy, Reliance, TCS, Tech Mahindra and Kotak Bank were the top losers in the sensex pack with their shares falling up to 3.40 per cent.
While ITC, Bajaj Auto, Bharti Airtel, M&M and Maruti were the major winners rising as much as 3.25 per cent.
On NSE, sub-indices Nifty IT, Pharma and PSU Bank fell up to 3.09 per cent.
According to experts, domestic markets reversed course as US bond yields surged following the Federal Reserve’s decision to maintain its dovish stance, sparking a sell-off.
“US 10-year yields are now up to 1.72 per cent, its highest since January last year and it is tough to ignore sentiment from the bond market which is spilling over to equity markets,” Amit Kumar Gupta, portfolio manager, Adroit Financial Services Pvt Ltd told news agency Reuters.
Markets have fallen every day so far this week as a fresh surge in domestic Covid-19 cases and rising US bond yields hurt risk appetite of investors.
India reported its highest rise in daily Covid-19 cases in more than three months on Thursday with 35,817 new cases.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market on Wednesday as they bought shares worth Rs 2,625.82 crore, as per exchange data.
(With inputs from agencies)