Sensex falls 900 points, Nifty near 23,150: Rising US bond yields among 7 key reasons behind the market crash

Benchmark indices Sensex and Nifty plunged over 1% on Thursday as the US benchmark Treasury yield surged to its highest level since 2007, and crude oil prices breached $100 per barrel.
​Staff Reporter: Selling pressure on banking and NBFC stocks, along with weak global market trends, also weighed heavily on investor sentiment.
​By 2:00 PM, the Sensex had declined by 888.52 points (1.19%) to 73,939.73, while the broader Nifty slid 290.85 points (1.24%) to 23,155.95.
​Except for Pharma and Realty, all major sectoral indices on the Nifty traded in the red. The broader Nifty Smallcap 100 and Nifty Midcap 100 dropped 0.8% and 1.3%, respectively.
​Key Reasons Behind the Market Fall
​Rising Treasury Yields: Fueled by a surge in new orders, US business activity in September reached its highest level in over five years. This data pushed the benchmark 10-year US Treasury yield to levels not seen since 2007, simultaneously lifting market expectations for another interest rate hike.
​Surge in Crude Oil Prices: The resurgence of crude oil prices, driven by renewed uncertainty surrounding US-Iran diplomatic relations, also dampened market sentiment.
​In individual stock movements, shares of Bharat Dynamics rose 1.4% after the Ministry of Defence signed an ₹811-crore contract with the company for airfield-destroying munitions.
​Technical Outlook
​Anand James, Chief Market Strategist at Geojit Investments, said, “While the positivity throughout yesterday raised hopes of a vertical upmove aiming for 23,760 or higher, the 23,490 band kept the upside in check. Furthermore, the turnover was nearly identical to the last two days, and the VIX remained at a monthly high.”