The 7.17% 2028 10-year bond yield opened at 7.42 percent, higher by 4 basis points against previous close of 7.38 percent.

The market extended its losses after rising crude oil prices pushed 10-year bond yield higher and rupee lower in morning.

The 30-share BSE Sensex fell 106.53 points to 33,773.72 and the 50-share NSE Nifty declined 30.40 points to 10,371.90.

The rupee depreciated 15 paise to 65.15 against the US dollar ahead of the release of US Fed meeting minutes scheduled later in the day.

The 10-year bond yield rose 10 basis points to 7.48 percent after Brent crude crossed USD 70 a barrel.

HPCL, BPCL and IOC lost up to 3 percent while ONGC gained 2 percent after higher crude oil prices.

9:40 am Rupee Trade: The rupee depreciated 15 paise to 65.15 against the US dollar ahead of the release of US Fed meeting minutes scheduled later in the day.

However, weakness in the US dollar against select currencies overseas and a higher opening in domestic equities capped the losses.

Meanwhile, foreign portfolio investors (FPIs) sold equities worth Rs 684.99 crore yesterday,  provisional data showed.

Yesterday, The rupee had ended higher by 3 paise at 64.99 against the American currency amid easing US-China trade war fears.

9:30 am USFDA Nod: Sun Pharma, one of the country’s largest drug makers, has received approval from the US Food and Drug Administration for Paliperidone tablets, which will be available in 1.5-9 mg strength.

Paliperidone is indicated for the treatment of Schizophrenia, amongst others.

9:27 am Listing of Indian Equity Derivative Products: The Singapore Exchange on Wednesday said it would list Indian equity derivative products in June, nearly two months after India’s three main bourses announced they would stop licensing their indexes to overseas exchanges.

9:21 am Market Update: Benchmark indices erased all opening gains to trade mildly lower amid mixed Asian cues, as higher crude oil prices and bond yields hit investors sentiment.

The 30-share BSE Sensex was down 20.68 points at 33,859.57 and the 50-share NSE Nifty fell 9.20 points to 10,393.10.

About 617 shares advanced against 563 declining shares on the BSE.

9:18 am State Buy: Tata Steel entered into definitive agreements to subscribe to additional equity shares in Subarnarekha Port Private Limited (SPPL) to acquire an aggregate of approximately 7 percent share capital of SPPL.

9:14 am Market Outlook: Shitij Gandhi of SMC Global Securities said on technical charts, 10,400-10,450 should act as crucial resistance for the index and moving forward the range of 10,300-10,500 levels will remain crucial as indicated by option open interest concentration.

Post expiry, we have seen some short covering in Index futures & stock futures but on the whole overall data still remains negative.

Though, if Nifty manages to move above the 10,500 mark, then we can further see short covering towards 10,650 levels as well. On the downside, 10,250-10,200 should act as key support levels.

source: moneycontrol.com