THE INDIAN STOCK market received a knockout punch in the last hour of trading on Monday after news broke of the US 10-year Treasury yields rising to over 5%.
The Sensex, which was down by around 300 points before that, plunged another 500 points between 2.30 pm and 3.30 pm.
The Sensex closed at 64,571.88 points -down 825 points or 1.26%. The Nifty 50 fell to its two-month low of 19,281.75, down 261 points. Investor wealth sank by ₹7.59 trillion its sharpest fall since December 23, 2022.
This was fuelled by expectations of prolonged high interest rates in the US that drove US 10-year bond yields to 16-year high, besides other factors like the ongoing geopolitical tensions in West Asia.
According to Nilesh Shah, MD and CEO, Kotak MF, US rates remaining higher for a longer period is likely to impact capital flows into India.
Denne historien er fra October 24, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra October 24, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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