Asian markets decline after a technology-driven rally on Wall Street failed to ease the selling pressure seen in the bank stocks.
U.S. investors piled into top technology companies including Apple Inc. and Microsoft Corp. to push the Nasdaq 100 close to the threshold of a bull market after an almost 20% surge from its December low.
Banking stocks missed out on the rally, with a gauge of U.S. financial heavyweights such as Wells Fargo & Co. and Bank of America Corp. sinking to the lowest since November 2020.
Treasury Secretary Janet Yellen clarified the U.S. would be prepared for further steps to protect deposits if needed.
Meanwhile, the yield on 10-year treasuries were trading at 3.39%. Crude prices were trading around $75-mark, while Bitcoin was hovering around 28,000-level.
At 07:27 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.23% at 17,044.5.
On Thursday, Indian equity benchmarks—Sensex and Nifty—snapped their two-day rally on the back of a volatile session to close 0.5% and 0.44% lower, respectively.
Indian rupee strengthened against the U.S. dollar, closing at its highest level in seven days, as the greenback came under pressure in overseas markets with a dovish Federal Reserve.
Overseas investors in Indian equities turned net sellers on Thursday, after a day. Foreign portfolio investors offloaded stocks worth Rs 995.01 crore during the day. Domestic institutional investors remained net buyers for the eleventh day in a row, as they raked in equities worth Rs 1,668.85 crore.
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