India’s benchmark index fell for a third straight day as sentiment turned negative as bond yields rose and global oil prices rose. The Sensex dipped below 60,000 to end at 59,464, down 634 points or 1.06%. The Nifty was down 181 points, or 1.01 percent, at 17,757.
Why it matters: Rising bond yields, rising inflation and the Federal Reserve’s move to raise interest rates have prompted foreign institutional investors to pull money out of emerging markets such as India. Soaring oil prices could affect inflation in India and affect economic growth, which could prompt the Reserve Bank to raise interest rates earlier.
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