Equity indices plunge on weak global cues, metal stocks hit badly ANI | Updated: Mar 04, 2021 10:19 IST
Mumbai (Maharashtra) [India], Mar 4 (ANI): Equity benchmark indices fell sharply during early hours on Thursday as traders booked profit on weak global cues.
At 10:15 am, the BSE S&P 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.
A sharp spike in bond yields last week caught some hedge funds unaware, and saw macro and long-short funds in general give back February profits to end the month modestly up, several market participants said. Hedge funds, which target returns that outperform the markets, take positions in a variety of assets such as bonds, currencies and equities, depending on the strategy employed. The sharp rise in yields - which saw ten-year Treasury yields hit a one-year high of over 1.6% on Thursday - came after a tumultuous January when some funds got burned by holding short positions in stocks caught up in the GameStop trading frenzy.
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Investment Week is hosting its Global Emerging Markets Briefing at a pivotal time for investors as they start to position for the recovery from the Covid-19 pandemic, although risks remain.
During this interactive briefing, we will hear from a number of global emerging market managers about their response to the extraordinary events of the past year and their outlook for the rest of the year and beyond.
The managers will identify where they are seeing the biggest opportunities and risks at the moment in emerging markets and explain the role their strategies could play in client portfolios.
Attendees will also get the chance to network with peers, quiz our speakers, as well as benefit from CPD points
Synopsis
Threefold rise in folios in international funds over one year, on the back of higher returns, is driving AMCs to launch new fund offers in the space
Agencies
Financial planners have been urging investors to make a 10-15 per cent allocation to international equities for geographical diversification as well as a hedge against the dollar.
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