Equity markets turned sharply lower in the fag-end of the session as weak global cues gave ammunition to the bears on Dalal Street. The 10-year US Treasury yield jumped to its highest point in two years, topping 1.83 percent. The yield on the Indian 10-year bond, however, was down 0.2 percent at 6.6 percent.
Nonetheless, the move indicates that global investors are preparing for the possibility of more aggressive tightening by the Federal Reserve.
Meanwhile, in the commodity market, international benchmark Brent crude futures rose 1.6 percent to $87.89 a barrel, while US West Texas Intermediate futures jumped more than 2 percent to hit $85.56. Both oil contracts notched their highest level since October 2014.
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