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Indian stocks slip 1% as crude hits $102 and US yields rise
Nifty 50 fell 0.88% to 23,239.80 and the Sensex dropped 0.80% to 74,223.26, while higher crude and a 5.1% US 10-year yield weighed on valuations.
Indian benchmark indexes Nifty 50 and Sensex fell around 1% on September 24, as Brent crude moved above $102 a barrel and US bond yields rose, pressuring investor sentiment, according to LiveMint Markets.
As of 9:25 IST, the Nifty 50 declined 0.88% to 23,239.80, and the Sensex fell 0.80% to 74,223.26. The US 10-year Treasury yield climbed to 5.11%, adding pressure on global equity valuations, the outlet said.
Financial stocks were among the biggest drags, with HDFC Life, Bajaj Finance, Axis Bank, SBI Life Insurance, Shriram Finance, and Bajaj Finserv listed among the top losers. Sentiment toward insurers also weakened after India’s insurance regulator, IRDAI, released a two-part consultation paper on distribution regulations and Expense of Management limits, aimed at curbing high distributor payouts and shifting distribution away from an aggressive sales model.
LiveMint Markets also cited Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments, saying elevated crude prices and the US 10-year yield remain key headwinds. He added that mid- and small-cap stocks have attracted strong domestic liquidity, helping support growth-oriented names even as large caps have been relatively subdued.
Latest closeWTI crude $91.79 ▼3.0%|Brent $97.67 ▼1.6%|Sensex 74,858.99 ▲0.8%