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BSE Sensex fell below the 65,000 points mark on Wednesday trading down by 567 points.

BSE Sensex is trading at 64,944 points in afternoon trade.

Axis Bank is down 3.6 per cent, Ultratech Cement is down 2.7 per cent, Indusind Bank is down 2.6 per cent, NTPC is down 2.5 per cent, SBI is down 2.5 per cent, L&T is down 2.3 per cent, Tata Steel is down 2.3 per cent, Bajaj Finserv is down 2.2 per cent, and Sun Pharma is down 2 per cent.

Global cues are negative for markets in the near-term. The sustained rise in the US bond yields, which has triggered continuous FII selling, is showing no signs of abating, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

This means FIIs will continue to sell and the bulls will be on the back foot, he said.

On the positive side, valuations in some segments are becoming attractive and this may push DIIs and retail investors to buy stocks in such segments. An inevitable consequence of this complex situation is heightened volatility, he added.

A significant trend in the market is that fundamentally strong stocks like large cap private sector banks have turned weak on FII selling. For long-term investors, this is an opportunity, he said.