India’s key equity indices traded in the red during Friday’s mid-afternoon session on the back of weak global cues which emanated from rising global bond yields.
Accordingly,the two indices had a gap down opening on account of weak global cues and high volatility.
The India VIX spiked above 25 zones signalling shakiness.
Besides, the advance decline ratio slightly tilts towards declining counters.
All sectors barring media stocks were seen trading in the negative territory. Among which, banking and metals stocks were the worst hit.
Consequently, at around 2.45 p.m. the S&P BSE Sensex fell 510.84 points, or 1 per cent, to 50,335.24 points from the previous close of 50,846.08.
The NSE Nifty50 on the National Stock Exchange closed at 14,905.00, lower by 175.75 points, or 1.17 per cent, from its previous close.
“Nifty is hovering around 15000 zone and a pause can be witnessed in the overall trend,” said Jay Purohit, Technical and Derivatives Analyst, MOFSL.
“Volatile global movements have disturbed the sentiments of the market.”
According to Likhita Chepa, Senior Research Analyst at CapitalVia: “Markets were under the pressure due to the surge in bond yields overseas.”
“On the global front, Asian markets were trading mostly in red after the US Federal Reserve Chair Jerome Powell repeated his pledge to keep credit flowing until Americans are back to work.”