Indian equity market snapped its three-session gaining streak as global markets were weighed down by the rising US bond yields. Sensex plunged 598 points to end below the key 51,000-level and Nifty managed to hold 15,080 after suffering losses through the day.
Intra-day, Sensex fell as much as 905 points before ending the session at 50,846, losing 598.57 points or 1.16 per cent. Nifty too closed with a loss of 164.85 points or 1.08 per cent at 15,080. On Sensex, HDFC, L&T, SBI, Axis Bank, Bajaj FinServ and HDFC Bank were the top losers, falling up to 2.62 per cent. Of 30 Sensex stocks, 25 closed in the red.
Banking and metal stocks led the losses with BSE bankex and metal indices sliding 592 points and 336 points, respectively. Bank Nifty too fell 565 points to 35,802 in trade today.
Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "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."
In the previous three sessions, Sensex rallied 2,347 points and Nifty gained 715 points.
Foreign investors purchased equities worth Rs 2,088.70 crore on a net basis in Indian capital markets on Wednesday, according to NSE data.
Market cap of BSE-listed firms fell to Rs 209.72 lakh crore against Rs 210.22 lakh crore in the previous session.
However, BSE midcap and small indices gained 100 points and 168 points to 20,984 and 21, 085, respectively.
Market breadth was positive with 1,559 stocks rising against 1,423 shares falling on BSE. Total 188 stocks were unchanged.
On the forex market front, the rupee ended 11 paise lower at 72.83 against the US dollar.
On Thursday, Asian shares tumbled 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. Germany's DAX lost 0.4% to 14,028.59 and the CAC 40 in Paris edged 0.1% lower to 5,823.28.
Britain's FTSE 100 gave up 0.8% to 6,623.47. In Asia, Japan's Nikkei 225 lost 2.1% to 28,930.11 and the Hang Seng in Hong Kong dropped 2.2% to 29,236.79. Australia's S&P/ASX 200 lost 0.8% to 6,760.70. The Shanghai Composite index shed 2.1% to 3,503.49.