Equities snap winning streak as rising bond yields trigger concerns (Roundup)

Mumbai, March 4 : India’s key equity indices snapped a three-day winning streak on Thursday as global concerns over rising bond yields resurfaced.
Accordingly, the two equity indices opened lower but tried to recover only to cede more ground. Globally, Asia-Pacific equities fell after negative sentiment on Wall Street and concerns about rising bond yields trickled over into the region.
Similarly, European stocks fell after three straight sessions of gains as a jump in US bond yields knocked the risk appetite globally.
Among sectors, media was the only gainer while metals, banks, IT and auto index fell the most.
Consequently, the S&P BSE Sensex fell 598.57 points, or 1.16 per cent, to 50,846.08 points from the previous close of 51,444.65. The NSE Nifty50 on the National Stock Exchange closed at 15,080.75, lower by 164.85 points, or 1.08 per cent, from its previous close.
“Nifty seems to have turned down after the sharp rise seen on March 3. A fall to below 14,959 will confirm this. On up moves, 15,176-15,202 band will provide resistance,” said Deepak Jasani, Head of Retail Research at HDFC Securities.