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Global inflation spooks markets, Sensex down 585 pts
Mumbai, March 18, 2021
Fears of rising global inflation, along with domestic resurgence of Covid-19 infections, pulled down India's key equity indices on Thursday.
High US bond yields spooked investors, while rising Covid-19 infections in many states led the markets to close in the red for the fifth consecutive session.
In the initial phase of day's trade, both key indices had a gap up opening after the US Fed said that despite a rise in inflation, the growth will be the highest in nearly 40 years.
The US Fed confirmed no hike in policy rates, which has come as a big positive for the markets globally.
Nevertheless, the rise in bond yields evoked fear in investors, while some sold on the prospects of incoming foreign funds.
The 30-scrip S&P BSE Sensitive Index (Sensex) traded at 49,216.52 points down by 585.10 points, or 1.17 per cent, from its previous close.
The broader 50-scrip Nifty at the National Stock Exchange (NSE) closed in the red too.
It traded at 14,863.30 points, lower by 163.45 points, or 1.11 per cent, from its previous close of 14,557.85 points.