Indian Equity Indices Plummet on Rising US Bond Yields and Crude Oil Prices

Indian equity indices plummeted on Thursday due to rising US bond yields and elevated crude oil prices, which weighed heavily on investor sentiment.

The Nifty 50 dropped 383.70 points or 1.64% to close at 23,063.10, while the Sensex lost 1,247.71 points or 1.67% to end at 73,580.54.

Ajit Mishra, senior vice-president of research at Religare Broking, noted that rising US bond yields and elevated crude prices are weighing on overall risk appetite.

The Insurance Regulatory and Development Authority of India (Irda) proposed tighter limits on insurance commissions distribution expenses and loan-linked insurance practices, further adding to the market's woes.

The Bank Nifty fell below 56,000 as potential pressure on bancassurance fees triggered heavy selling across insurers, distribution platforms, banks, and non-banking finance companies (NBFCs).