Equity indices dip over 1 pc, metal stocks crack

Equity benchmark indices fell by over 1 per cent on Thursday as concerns over spike in bond yields rekindled globally.

The BSE S&P Sensex closed 599 points or 1.16 per cent lower at 50,846 while the Nifty 50 tumbled by 165 points or 1.08 per cent to 15,081.

Most sectoral indices at the National Stock Exchange were in the negative terrain with Nifty metal down by 2 per cent, financial service by 1.8 per cent and private bank by 1.2 per cent.

Among stocks, JSW Steel dropped by 2.9 per cent to Rs 415.50 per share while Hindalco was down by 2.6 per cent to Rs 349.90. Tata Steel too dipped by 2.5 per cent to Rs 757.60 per share.

Banking and financial stocks fell with HDFC down by 2.6 per cent, Bajaj Finserv by 2.3 per cent, Axis Bank by 2.2 per cent, HDFC Bank by 2.1 per cent and State Bank of India by 2 per cent.

Tata Motors and Larsen & Toubro also traded in the negative terrain. However, UltraTech Cement jumped by 3.9 per cent to close at Rs 6,755 per share.

Ad Ports gained by 2.9 per cent after acquiring the 31.5 per cent stake of Windy Lakeside Investment in the Gangavaram Port (GPL) for Rs 1,954 crore.

Grasim, Asian Paints, Dr Reddy's, SBI Life, Wipro, Britannia and Hero MotoCorp too traded with a positive bias.

Meanwhile, resurgent worries about rising US bond yields hit Asian shares as investors waited to see if Federal Reserve Chair Jerome Powell will address concerns about the risk of a rapid rise in long-term borrowing costs.

Japan's Nikkei fell by 2.13 per cent. Hong Kong's Hang Seng index was down by 2.15 per cent, South Korea's Kospi by 1.28 per cent and Shanghai composite by 2.05 per cent.

( With inputs from ANI )