Mumbai, May 22 -- The domestic equity benchmarks ended sharply lower today, echoing a global selloff triggered by rising bond yields and renewed fiscal concerns in major economies. The Nifty closed below the 24,650 mark, with IT stocks leading the decline on heightened fears surrounding the U.S. fiscal outlook. FMCG and energy stocks also came under pressure. Adding to the volatility was the Nifty's weekly expiry, often a catalyst for exaggerated intraday swings.

The selloff was fueled by surging U.S. Treasury yields after a weak $16 billion auction of 20-year bonds, signaling poor investor appetite. This came amid progress on Trump's proposed spending and tax bill, expected to balloon the U.S. deficit. Moody's recent downgrade of the U....