Mumbai: Snapping its three-session winning run, the BSE Sensex plunged by around 599 points to crack below the key 51,000-level on Thursday amid a meltdown in global shares triggered by a surge in US bond yields.
Intra-day, the 30-share BSE index fell as much as 905 points before ending the session at 50,846.08, showing a decline of 598.57 points or 1.16 per cent.
The broader NSE Nifty too closed with a loss of 164.85 points or 1.08 per cent at 15,080.75.
On the Sensex chart, HDFC, L&T, SBI, Axis Bank, Bajaj FinServ and HDFC Bank were major laggards dropping up to 2.62 per cent. Of 30 Sensex shares, 25 closed with losses.
"Domestic equities traded lower today mainly on weak global cues Financials and Metals indices were keg drags today, while FMCG, Pharma and IT indices were resilient. A sharp 6 bps rise in 10-Year USA treasury yield made investors jittery today, said Binod Modi, Head - Strategy at Reliance Securities.
Over the previous three sessions, the Sensex had risen by 2,344.66 points or 4.77 per cent, while the Nifty had added 716.45 points or 4.93 per cent.
Foreign investors had bought equities worth Rs 2,088.70 crore on a net basis in Indian capital markets on Wednesday, according to exchange data.
On Thursday, Asian shares too tumbled after an overnight surge in bond yields dragged Wall Street lower.
On the forex market front, the rupee ended 11 paise lower at 72.83 against the US dollar.
Meanwhile, global crude oil benchmark Brent was trading 1.16 per cent higher at USD 64.73 per barrel.
Gold Prices Fall Rs 217; Silver Down By Rs 1,217
Gold prices on Thursday fell by Rs 217 to Rs 44,372 per 10 gm in the national capital, as vaccine rollout has boosted risk on sentiments lowering safe haven demand for precious metals, according to HDFC Securities.
The precious metal had closed at Rs 44,589 per 10 gm in the previous trading session.
In tandem, silver prices eased by Rs 1,217 to Rs 66,598 per kg as compared with the previous close of Rs 67,815 per kg.
"Spot gold prices for 24 carat gold at Delhi fell by Rs 217 reflecting overnight decline in COMEX gold prices despite of rupee depreciation," said HDFC Securities Senior Analyst (Commodities) Tapan Patel.
Meanwhile, the Indian rupee was trading 18 paise lower at 72.90 against the US dollar.
Patel further noted that gold prices have kept lower trading range on stronger dollar and rise in the US treasury yields.
"The vaccine rollouts have boosted risk on sentiments lowering safe haven demand for precious metals. The traders may await for comments from US FED chairman later on Thursday," he noted.
In the international market, gold was trading slightly higher at USD 1,717 an ounce and silver was also marginally up at USD 26.09 an ounce.
"We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at USD 1,700 and resistance at USD 1,740. MCX Gold April support lies at Rs 44,700 and resistance lies at Rs 45,200," Patel said.
Rupee Falls By 11 Paise To 72.83 Against US Dollar
The rupee ended 11 paise lower at 72.83 (provisional) against the US dollar on Thursday, weighed down by a rebound in the US dollar and muted domestic equities.
At the interbank forex market, the local unit opened at 72.99 against the greenback and witnessed an intra-day high of 72.62 and a low of 72.99.
It finally ended at 72.83 against the American currency, registering a fall of 11 paise over its previous closing.
On Wednesday, the rupee had settled at 72.72 against the American currency.
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.27 per cent to 91.19.
Meanwhile, Brent crude futures, the global oil benchmark, fell 0.34 per cent to USD 63.85 per barrel.
On the domestic equity market front, the BSE Sensex ended 598.57 points or 1.16 per cent lower at 50,846.08, while the broader NSE Nifty declined 164.85 points or 1.08 per cent to 15,080.75.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 2,088.70 crore on Wednesday, according to exchange data.
(This story is a compilation of PTI stories)