Surging yields drag indices: Sensex falls 440 pts, Nifty ends at 14,938

10-year US Treasury yield crosses 1.5% again following Powell's comments

The benchmark indices posted sharp losses for the second day as a surge in bond yields hurt investor appetite for riskier assets. Sentiment took a dent after US Federal Reserve Chairman Jerome Powell failed to address investor worries regarding rising bond yields and inflation.

The US Fed chair said that the recent spike in yields had caught his attention, but didn’t give any indication of how the central bank planned to stem the rise.

He said the Fed would be patient in withdrawing support for the US’ economic recovery, as unemployment remained above the targeted level. The 10-year US Treasury yield once