India Stocks Fall, Nifty 50 Down 1.11%; Treasury Yields

The Nifty 50 lost 1.11%, while the BSE Sensex 30 index declined 1.17% at the close in NSE. India stocks on Thursday were lower after the close. Leading shares lower were losses in the IT, Technology and Healthcare sectors.

On the Nifty 50, the session’s best performers were ITC Ltd., rising 3.35% or 7.05 points to trade at 217.65 at the close. 

Bajaj Auto Ltd rose 2.66% or 94.90 points to end at 3664.50. Moreover, Hindalco Industries Ltd. added 1.65% or 5.40 points to 331.80 in late trade.

The session’s worst performers were HCL Technologies Ltd., declining 4.02% or 39.70 points to trade at 947.75 at the close. 

Infosys Ltd dropped 3.60% or 49.90 points to end at 1337.10. Dr. Reddy’s Laboratories Ltd edged down 3.29% or 143.10 points to 4212.75.

On the BSE Sensex 30, the top performers were ITC Ltd, rising 3.25% to 217.40. Bajaj Auto Ltd added 2.53% to settle at 3666.00 and Bharti Airtel Ltd was up 1.47% to close at 530.55.

In late trade, the worst performers were HCL Technologies Ltd., which was down 3.40% to 953.90. Sliding 3.28%,  Infosys Ltd was to settle at 1341.65. Dr. Reddy’s Laboratories Ltd slipped 2.91% to 4230.00 at the close.

On the India National Stock Exchange, falling stocks outnumbered advancing ones by 1300 to 359 and 60 ended unchanged. On the Bombay Stock Exchange, 2067 retreated and 804 advanced, while 128 ended unchanged.

The India VIX was down 0.38% to 20.0800 a new 1-month low.

Treasury Yields Breach More Key Levels

Treasury yields had been surging this year, with investors divided into two camps. That is on whether stimulus spending and vaccine rollouts will drive a steeper global economic recovery and higher inflation.

Some predict the 10-year yield will hit 2%. BlackRock Inc., including others, is saying expectations for sustained inflation gains are misplaced.

Treasury yields have breached more key levels. This comes as bond traders boosted bets that the Federal Reserve will allow inflation to overshoot as the U.S. economy recovers.

In London trading on Thursday, yields on the benchmark 10-year bond climbed as much as 10 basis points to 1.74%. This was the highest since January 2020. Moreover, they also breached 2.5% for the 30-year debt, a level not seen since August 2019.