Indian shares decline on rising yields

Gulf Today Report 

Indian shares dropped on Wednesday following loss in financial stocks as US Treasury yields gain, renewing concerns of foreign fund outflows.

The blue-chip NSE Nifty 50 index fell 0.9% to 14,713 and the benchmark S&P BSE Sensex dropped 1% to 49,631, as of 05:11 GMT.

"Every time we go high, we are seeing some profit booking also coming in," said Rusmik Oza, senior vice president at Kotak Securities in Mumbai. 

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According to data, foreign investors acquired $1.51 billion worth of Indian equities in March, a decline from $3.54 billion in February, due to high US bond yields and a surge in domestic coronavirus cases.

Analysts expect high volatility in stocks due to several portfolio reallocations, with Wednesday being the last trading day of the financial year.