Stock market today, May 22 -- The equity benchmark indices - Sensex and Nifty 50 - witnessed a heavy selloff in trade on Thursday, declining over 1% each.

Concerns over rising US debt and bond yields, escalating tensions in the Middle East and a subdued Q4 earnings season have kept investors on the sidelines.

"There is slight risk off in global markets. This is evident from the strength in alternate assets like gold and Bitcoin. The fundamental issue is the high fiscal deficit of the US which the market feels is unsustainable. The weak US 20-year bond auction and the spike in yields of 5-year, 10-year and 30-year bonds indicate the declining confidence in US bonds. In Japan, too, bond yields are rising.

Rising US bond yields are usuall...