Indian shares decline on rising yields
- 31 Mar 2021
Gulf Today Report
Indian shares dropped on Wednesday following loss in financial stocks as US Treasury yields gain, renewing concerns of foreign fund outflows.
The blue-chip NSE Nifty 50 index fell 0.9% to 14,713 and the benchmark S&P BSE Sensex dropped 1% to 49,631, as of 05:11 GMT.
"Every time we go high, we are seeing some profit booking also coming in," said Rusmik Oza, senior vice president at Kotak Securities in Mumbai.
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According to data, foreign investors acquired $1.51 billion worth of Indian equities in March, a decline from $3.54 billion in February, due to high US bond yields and a surge in domestic coronavirus cases.
Analysts expect high volatility in stocks due to several portfolio reallocations, with Wednesday being the last trading day of the financial year.
