Indian shares fell on Wednesday, tracking mixed global cues as concerns about inflation tempered optimism over swifter economic recovery.
U.S. 10-year Treasury yields have topped 1.3 percent for the first time in nearly a year, driven by increasing inflationary concerns on the back of successful vaccine rollouts and prospects of more stimulus.
The three-month implied volatility on 10-year swap rates jumped, signaling that U.S. Treasuries are in for more wild gyrations.
Rising oil prices also weighed on markets. The benchmark S&P BSE Sensex fell 400.34 points, or 0.77 percent, to 51,703.83, while the broader NSE Nifty index ended down 104.55 points, or 0.68 percent, at 15,208.90.
IT, pharma and FMCG stocks succumbed to profit taking after recent strong gains, while PSU banks continued to rise amid reports that the government plans to bring amendments to two legislations later this year to facilitate privatization of state-run lenders.
HDFC Bank, Bajaj FinServ, Maruti Suzuki, Asian Paints and Nestle India dropped 2-3 percent in the Nifty pack.
On the positive side, Hero MotoCorp Ltd., India’s largest two-wheeler maker known for its budget models, jumped 3.5 percent ahead of the launch of the new Hero Xtreme 160R 100 Million Limited Edition in coming weeks.
Power Grid Corp, Adani Ports, SBI and BPCL climbed 2-3 percent.
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