The 30-company bellwether declined 32.76 points, or 0.53 percent, to close at 6,179.63, while the broader all-shares index dropped 13.32 points to settle at 3,339.63.
Sentiment has taken a hit in recent weeks owing to a spike in US Treasury yields to around 15-year highs, fueled by expectations that a strong economy will allow the Federal Reserve to stick to its campaign of monetary tightening. Forecasts are for a reiteration of his previous remarks that the goal is taming prices, even with rates already at 22-year highs.
Investors are also awaiting earnings from Nvidia, which is tipped to post forecast-busting revenue in the second quarter thanks to the surge in demand for its processors used in developing artificial intelligence applications. “Nvidia’s performance is seen by many as a potential bellwether for the IT sector and markets in general.”A rally in Nvidia helped propel gains in global markets earlier this week, though traders could not keep up the buying owing to ongoing rate worries.Asia fluctuated throughout the morning on Wednesday but stilled later on with most markets slightly higher.