Indian shares slip on bond yield worries; energy stocks, oil rise

BENGALURU (Reuters) – Indian shares fell for a second straight session on Friday as rising U.S. Treasury yields spooked equity investors, although a jump in oil explorers on higher crude prices limited losses.

The blue-chip NSE Nifty 50 index fell 0.23% to 15,039.2 by 0435 GMT and the S&P BSE Sensex was down 0.28% at 50,712.52, after falling as much as 1% each in early trade.

Still, both the indexes were set to add more than 3.5% for the week thanks to positive economic growth data and progress in the country’s COVID-19 vaccination campaign.

Following a weaker finish on Wall Street overnight, Asian shares plumbed one-month lows as U.S. Federal Reserve Chair Jerome Powell disappointed investors by not indicating that the Fed might step up purchases of long-term bonds to hold down longer-term interest rates.