MUMBAI, August 19 (TNA) Indian equity benchmarks opened almost flat on Wednesday but soon slid into negative territory, as renewed strength in crude oil prices and a sharp rise in global bond yields continued to weigh on investor sentiment. The 30-share BSE Sensex dropped 17.41 points to start the session at 77,218.05, while the Nifty opened with a fall of 2.85 points to 24,152.05.
In the previous session, the Sensex had closed at 77,235.46 and the Nifty50 at 24,154.90, extending a run of losses that has now stretched to seven consecutive sessions for the Nifty. Selling pressure picked up soon after the opening bell. By 10:00 am, the Sensex was down 184.30 points, or 0.24 per cent, at 77,051.16, and the Nifty50 had fallen 55.65 points, or 0.23 per cent, to 24,099.25.
The decline deepened further as the morning progressed - by 11:00 am, the Sensex had fallen 320.17 points, or 0.41 per cent, to 76,915.29, with the Nifty50 down 99.30 points, or 0.41 per cent, at 24,055.60, slipping below the key 24,100 level.
In the previous session, the Sensex had closed at 77,235.46 and the Nifty50 at 24,154.90, extending a run of losses that has now stretched to seven consecutive sessions for the Nifty. Selling pressure picked up soon after the opening bell. By 10:00 am, the Sensex was down 184.30 points, or 0.24 per cent, at 77,051.16, and the Nifty50 had fallen 55.65 points, or 0.23 per cent, to 24,099.25.
The decline deepened further as the morning progressed - by 11:00 am, the Sensex had fallen 320.17 points, or 0.41 per cent, to 76,915.29, with the Nifty50 down 99.30 points, or 0.41 per cent, at 24,055.60, slipping below the key 24,100 level.
Broader Market and Global Cues
In the broader market, the BSE Midcap Select Index fell 21.08 points, while the BSE Smallcap Select Index was down 3.60 points, or 0.04 per cent, at 9,140.63. Asian markets were largely weak, with Japan's Nikkei 225 down 1,754.73 points, or 2.60 per cent, at 65,706, and South Korea's Kospi shedding 386.81 points, or 5.63 per cent, and Shanghai's SSE Composite index down 78.13 points, or 1.96 per cent, though Hong Kong's Hang Seng bucked the trend, gaining 31.85 points, or 0.13 per cent.
Reuters attributed the weakness to crude prices rising above $92 a barrel, renewed tensions around the Strait of Hormuz, and rising US Treasury yields.