NEW DELHI: A broad-based sell-off in equities and weak global cues amid rising bond yields played a Black Friday for Indian stock markets as the Sensex posted its worst single-day performance since 30 March 2020.
The BSE S&P Sensex closed 1,939 points or 3.8 per cent lower at 49,100 while the Nifty 50 tumbled by 568 points or 3.76 per cent to 14,529. The global selloff was triggered by an overnight sharp rise in US 10-year treasury yields. When bond yields rise, equity markets generally underperform.
Rising oil prices and the US airstrikes on Syria led to the negative sentiments of investors who feared foreign outflows and reversal of interest rate cycle.