Indian Stock Markets Volatile Amid Rising Oil Prices and Bond Yields
Stock markets in India turned volatile on Friday as concerns over rising oil prices and bond yields weighed heavily on investor sentiment. The BSE Sensex rebounded initially, but later dipped to trade 12.95 points lower at 73,568.22. Similarly, the NSE Nifty dropped 16.75 points to 23,049.40.
The Brent crude price, a global oil benchmark, traded 0.99% lower at $105.5 per barrel. V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said that the current market volatility is due to 'many negative news coming together.' He pointed out that rising US bond yields and high crude prices are strong headwinds for equity markets globally.
The Sensex had tanked 1,247.71 points on Thursday, while the Nifty dropped 383.70 points. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,027.36 crore on Thursday.