Indian Equities: Futures Indicate More Weakness

Indian equities fell for the fifth straight day on Thursday as rising bond yields in the U.S. spooked investors. Highest number of coronavirus cases reported in over three months, along with the volatility of the weekly options expiry also kept sentiment risk-off.

The S&P BSE Sensex has corrected over 2,000 points in the last five trading sessions while the NSE Nifty 50 index has declined over 600 points.

Indian Equities: Futures Indicate More Weakness

Futures indicate that benchmark indices may open lower for the sixth day in a row. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.6% to 14,502, as of 7:50 a.m.

The U.S. 10-year treasury yield rose to 1.75% on Thursday, the highest since January 2020, sparking a sell-off on Wall Street as well. The Nasdaq fell 3.1% – erasing all of its gains made so far this year. The S&P 500 also fell 1.5%. Futures on the Dow Jones are trading 70 points higher this morning.

Asian equities too have opened lower this morning, tracking losses among their peers on Wall Street. Benchmark indices in China & Hong Kong slid, with technology stocks leading a retreat on the MSCI Asia-Pacific index.

West Texas Intermediate crude rose 0.7% to climb back above the $60 per barrel mark, after a 7% drop overnight.

Indian Equities: Futures Indicate More Weakness via @goldsilverrepor
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