Indian Shares Tumble On Middle East Tensions
(RTTNews) - Indian shares fell sharply on Monday, mirroring weak cues from global markets as Middle East worries persisted and robust U.S. jobs data led traders to ramp up bets on a Federal Reserve rate hike this year.
The rupee traded weak at 95.35 against the dollar despite the Indian government introducing a retrospective tax exemption for foreign institutional investors earning income from government securities.
The U.S. dollar scaled a two-month peak and the 10-year U.S. Treasury yield rose to 4.57 percent after the release of stronger-than-expected U.S. jobs report on Friday.
Crude prices jumped more than 4 percent, rebounding from a two-session decline after Iran and Israel exchanged missile strikes, derailing U.S. President Trump's efforts to secure a peace deal.
The benchmark BSE Sensex ended the session down 719.09 points, or 0.97 percent, at 73,524.26 while the NSE Nifty index fell by 243.70 points, or 1.04 percent, to 23,123.
The mid-cap and small-cap indexes on the BSE plummeted by 1.7 percent and 1.9 percent, respectively.
The market breadth was weak on the BSE, with 3,118 shares falling while 1,247 shares rose and 172 shares closed unchanged.
Selling was seen across the board, with Bajaj FinServ, Tata Steel, Larsen & Toubro, TCS, Reliance Industries, Indigo, Trent, Mahindra & Mahindra and Eternal tumbling 2-3 percent.
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