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Analysts said global markets returned to selling mode with the US 10-year bond yield touching 4.02 per cent as fresh data suggested that inflation will remain elevated for a longer period.
US bond yields Thursday crossed the 4 per cent mark, raising fears that the Federal Reserve will continue to jack up interest rates to rein in inflation. Sensex fell 502 points to 58,909.35 and Nifty fell 129 points to 17,321.90 in the sell-off.
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Analysts said global markets returned to selling mode with the US 10-year bond yield touching 4.02 per cent as fresh data suggested that inflation will remain elevated for a longer period. “Rising bond yields are driving foreign money out of emerging markets, and as a result, FIIs were net sellers in the domestic market for the sixth consecutive day. Mid- and small-cap stocks continued to show resilience with mild selling compared to their larger peers,” said Vinod Nair, Head of Research at Geojit Financial Services.
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