Sensex And Nifty Open In The Red, Rising Global Bond Yields Weigh On Indian Stocks

Mumbai: Indian equities fell sharply in early trade on Thursday, September 24, as rising US bond yields and a firmer dollar weighed on sentiment despite a decline in crude oil prices.

At 9.23 am, the Sensex was down 564 points, or 0.75%, at 74,263. The Nifty fell 205 points, or 0.88%, to 23,240, according to IANS.

Financial stocks lead decline

The weakness spread beyond the benchmark indices. The Nifty Midcap 100 slipped 0.95%, while the Nifty Smallcap 100 declined 0.66%.

Most NSE sectoral indices traded lower. Nifty Financial Services 25/50 led the losses with a 1.73% drop, followed by private banks, which fell 1.67%. IT and pharma were the exceptions, recording marginal gains.

Why are markets falling?

The US 10-year Treasury yield moved above 5%, weighing on demand for shares. A stronger dollar added to pressure on emerging markets, including India.

Brent crude eased towards $97 a barrel after US data showed an unexpected increase of 2.97 million barrels in oil inventories. Cheaper oil offered some relief but failed to offset concerns over borrowing costs and global uncertainty.

Investors were also watching developments in the US-Iran conflict and a meeting between US President Donald Trump and Chinese President Xi Jinping for possible trade and technology announcements.

Global markets and key levels

Asian markets were mixed. China’s Shanghai index fell 1.04% and Shenzhen lost 1.88%, while Japan’s Nikkei gained 1.33% and South Korea’s Kospi rose 0.9%.

Wall Street had closed lower, with the Nasdaq declining 1.13%, the S&P 500 losing 0.75% and the Dow Jones falling 0.68%.

The Nifty had closed the previous session at 23,446. Immediate support is seen at 23,000–23,150, with resistance at 23,450–23,500.