On Friday morning, the BSE and National Stock Exchange (NSE) opened 2 per cent lower tracking the weakness in the broader Asian indices which fell to one-month lows as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.

At 9:16 am, the S&P BSE Sensex was down 1,071.08 points (2.10 per cent) to slip below the 50,000-mark at 49,968.23, while the broader Nifty 50 dipped below the 15,000-level and was trading at 14,790.25, down by 307.10 points (2.03 per cent).

On Thursday, the 30-share BSE benchmark ended 257.62 points (0.51 per cent) higher at 51,039.31. While the Nifty rose 115.35 points (0.77 per cent) to 15,097.35.

HDFC Bank, ICICI Bank, Housing Development Finance Corporation (HDFC) and Reliance Industries (RIL) were the top contributors to the fall in Sensex during the early trade on Friday.

Among the sectoral indices on NSE, the Nifty Bank index was down nearly 2.5 per cent in the early trade on Friday dragged by Bank of Baroda, RBL Bank, and IndusInd Bank. The Nifty Financial Services index too was down over 2 per cent weighed by Shriram Transport Finance Company, Mahindra & Mahindra Financial Services, and HDFC.

The broader market indices too were trading lower in line with the benchmark indices. At 9:38 am, the S&P BSE MidCap index was trading at 20,223.89, down 109.91 points (0.54 per cent), while the S&P BSE SmallCap was at 20,242.85, down 62.13 points (0.31 per cent).

The volatility index or India VIX was up 9.14 per cent at 24.9850 at 9:42 am.

Global market
Asian stocks skidded to one-month lows on Friday as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.

The scale of the selloff prompted Australia’s central bank to launch a surprise bond buying operation to try and staunch the bleeding, helping yields there come off early peaks.

Yields on the 10-year Treasury note eased back to 1.494 per cent from a one-year high of 1.614 per cent, but were still up a startling 40 basis points for the month in the biggest move since 2016.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid 2.4 per cent to a one-month low, while Japan’s Nikkei shed 2.5 per cent.

Chinese blue chips joined the retreat with a drop of 2.5 per cent.

NASDAQ futures fell 0.5 per cent after a sharp drop overnight, while S&P 500 futures eased 0.1 per cent. EUROSTOXX 50 futures lost 1.2 per cent and FTSE futures 1.1 per cent.

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