Domestic equity market benchmarks BSE Sensex and Nifty 50 were likely to open in negative territory for the second straight day on Friday, as suggested by trends on SGX Nifty. Nifty futures were trading 157.50 points or 1.05 per cent down at 14,913.50 on Singaporean Exchange. Bucking up the negative global trend on the back of rising US bond yields, Sensex and Nifty closed one per cent down in the previous session. Asian peers were trading in the deep sea of red primarily due to the sell-off in technology stocks and surge in bond yields overseas.
Stocks in China declined in morning trade, with the Shanghai composite shedding 1.03 per cent. Japan’s Nikkei 225 slipped 1.76 per cent while the Topix index shed 0.96 per cent. South Korea’s Kospi fell 1.48 per cent. In overnight trade on Wall Street, major US stock indices declined amid a rout in tech stocks and Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The 10-year Treasury yield jumped back above 1.5 per cent following Powell’s comments. The tech-heavy Nasdaq Composite dropped 2.1 per cent. While the S&P 500 and the Dow Jones Industrial both fell more than a per cent.
Agrichemicals manufacturer Heranba Industries is scheduled to list on stock exchanges on March 5, 2021. The Rs 625-crore IPO was subscribed 83.29 times during the three-day bidding process. The issue was sold in the range of Rs 626-627 per share. In the grey market on Thursday, Heranba Industries shares were seen quoting a premium of Rs 230 over the IPO price.