The Indian equity market snapped its three-session gaining streak on Thursday as global markets were weighed down by the rising US bond yields. Sensex tanked 598 points, or 1.16 per cent, to end at 50,846, while Nifty closed 164 points, or 1.08 per cent, lower at 15,080.
Asian shares tumbled on Thursday after an overnight surge in bond yields dragged Wall Street lower. US government bond yields rebounded after easing earlier in the week. The yield on the benchmark 10-year Treasury note slipped back to 1.45% on Thursday after rising to 1.48% earlier in the day.
The market will look for cues from US markets and bond yields. Rising yields can again put pressure on the market. However, the view looks positive on technical chart.
"The short-term uptrend status remains intact and the display of positive market breadth of Thursday signal that the market is not willing to give up easily. We expect market to sustain the support of 15,000-14,900 levels, before showing upside bounce again. Immediate resistance is placed at 15,200 levels," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
Nifty is seen getting support at 14,950 levels, while it is facing resistance at around 15,200. It is likely to consolidate in this range.