Rising bond yields push Indian stocks lower 3rd straight day
The Indian stock market stayed in the red for a third straight day on Wednesday.
Sensex dropped by 49 points to close at 72,480, and Nifty lost 96 points to finish at 22,620, mostly because investors are worried about rising bond yields.
Interestingly, while the main indices struggled, mid-cap and small-cap stocks managed a modest gain of about 0.3%.
NSE sees more decliners
It was a mixed bag across sectors: big names like Sun Pharma, Titan, Adani Ports, and Tata Steel fell around 2%, while HDFC Bank and Infosys slipped nearly 1%.
On the flip side, Kotak Mahindra Bank jumped 3%, with ICICI Bank and IndiGo also seeing solid gains.
Overall though, more stocks declined than advanced on the NSE, a sign that concerns over rising bond yields are weighing on investor mood right now.