Indian stocks plunged along with markets across Asia amid a global selloff in risk assets sparked by the surging US yields. The S&P BSE Sensex fell 3.8% to 49,099.99 points in Mumbai, its biggest decline since early May. The NSE Nifty 50 Index also slipped by a similar magnitude yesterday. The Indian rupee declined 1.4% yesterday, the biggest drop since March, to 73.4650 per dollar, while benchmark 10-year bonds were poised for the biggest monthly loss in almost three years, with yields having climbed by 32 basis points. “Panic in global bond markets led to sharp rise in yields which spooked investors amid fears of interest rate cycle reversal,” said Hemang Jani, head of equity strategy at
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