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Indian Shares Drop on Bond Yield Worries

BENGALURU, March 5 (Reuters) - Declines in banking stocks put Indian shares on course for a second straight session of losses on Friday as rising U.S. Treasury yields spooked equity investors, although a jump in Oil and Natural Gas Corp helped limit the fall.

The blue-chip NSE Nifty 50 index fell 0.65% to 14,984.1 by 0349 GMT, while the S&P BSE Sensex was down 0.78% at 50,445.95.

Still, both the indexes are set to end the week around 3% higher.

Asian shares slipped to one-month lows on Friday after 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.

In Mumbai, Wipro Ltd fell as much as 1.8% after announcing it would buy British consultancy Capco for $1.45 billion.

ONGC advanced 4% on the back of higher oil prices.

Agrochemical maker Heranba Industries Ltd is set to debut in the Mumbai market following a strong investor response to its $85 million initial public offering last month.

(Reporting by Chris Thomas in Bengaluru; Editing by Aditya Soni)

Source: Reuters

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