Equity indices plunge on weak global cues, metal stocks hit badly

Equity benchmark indices fell sharply during early hours on Thursday as traders booked profit on weak global cues.

At 10:15 am, the BSE SandP Sensex was down by 650 points or 1.26 per cent at 50,795 while the Nifty 50 edged lower by 194 points or 1.27 per cent to 15,052.

All sectoral indices at the National Stock Exchange were in the negative terrain with Nifty metal down by 2.9 per cent, PSU bank and financial service by 2.3 per cent each, and auto by 1.3 per cent.

Among stocks, JSW Steel dropped by 3.4 per cent to Rs 413.65 per share while Tata Steel was down by 3.2 per cent to Rs 752.25.

Hindalco too dipped by 2.6 per cent to Rs 349.80 per share.

Banking and financial stocks too fell with HDFC down by 3 per cent, Bajaj Finserv by 2.8 per cent, HDFC Bank by 2.7 per cent, Axis Bank by 2.5 per cent and ICICI Bank by 2.4 per cent.

However, Adani Ports, ONGC, Grasim and Tech Mahindra traded with a positive bias.

Meanwhile, resurgent worries about rising US bond yields hit global shares as investors waited to see if Federal Reserve Chair Jerome Powell will address concerns about the risk of a rapid rise in long-term borrowing costs.

The MSCI's ex-Japan Asian Pacific shares lost by 1.7 per cent in early trade while Japan's Nikkei fell by 2.46 per cent.

Hong Kong's Hang Seng index was down by 2.53 per cent, South Korea's Kospi by 1.93 per cent and Shanghai composite by 1.58 per cent.