Rising US bond yields spook St, Sensex plunges 1,940 pts

BIGGEST SINGLE-DAY CRASH IN TEN MONTHS; NIFTY CRACKS BELOW 15K

The BSE Sensex crashed about 1,940 points to post its biggest single-day fall in nearly 10 months and the NSE Nifty plunged over 568 points to crack below the psychological 15,000-mar k on Friday, tracking global selloffs triggered by a panic in bond markets overseas.

Investor wealth slumped by a whopping Rs 5.3 lakh crore on Friday as the benchmark BSE Sensex crashed more than 1,900 points to post its biggest single-day fall in nearly ten months.

Investors also turned cautious ahead of the third quarter GDP data release, besides keeping an eye on simmering geopolitical tensions between the US and Syria.

At the day' s close, the 30share BSE Sensex settled 1,939.32 points or 3.80 per cent lower at 49,099.99- its worst on e-day f all since May 4 last year.

Similarly, the broader

NSE Nifty plunged 568.20 points or 3.76 per cent to close the session at 14,529.15- the biggest single- day drop since March 23 last year.

On the Sensex chart, all 30 constituents ended in the red, with eight scrips lo gging over 5 per cent drop.

Sectorally, banking index suffered the maximum loss with over 4.8 per cent dr op. Financial and telecom indices too fell sharply by 4.9 per cent and 3.85 per cent, respectively.

"Equity markets opened gap down following spike in global bond yield sand extended its weakness further as the session progressed. Panic in global bond markets led to sharp rise in yields which spooked investors amid fears of interest rate cycle reversal," said Hemang Jani, Head of Equity Strategy, Bro king& Distribution, Mot ila lOsw al.

Vinod Nair , Head of Research at Geojit Financial Services, said ," Domestic market stumbled inline with global trend triggered by a sharp rise in bond yields. Increasing geopolitical tension between the US and Syria aggravated the selling. Q3 GDP data which is to be released today also added volatility in the Indian market."