Spike in US yields knock out markets; last-hour meltdown wipes out Rs 7.59 trillion in investor wealth
he Indian stock market received a knock-out punch in the last hour of trading on Monday after the news of the rise in the US 10-year treasury yields to over 5% broke.
The Sensex, which was down around 300 points before that, fell sharply by another 500 points between 2.30 pm and 3.30 pm.
The Sensex closed at 64,571.88 points – down 825 points or 1.26%. The Nifty 50 fell to its two-month low of 19,281.75, down 261 points. Investor wealth plunged by Rs 7.59 trillion – its sharpest since December 23, 2022.
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This sharp fall was fueled by expectations of a prolonged high interest rates in the US that drove US 10-year bond yields to 16-year high, besides other factors …