Sensex drops over 350 points as Asian markets trail, shrewd trades below 15,500

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Sensex and Nifty started on a lower note today.

New Delhi:

On Wednesday, Indian equity benchmarks failed to maintain the upward trend in trade openings, following weakness in Asian equities. Asian stocks slipped in volatile trading today, triggering a rally on Wall Street overnight amid lingering concerns over interest rate hikes by central banks to tame inflation.

Nifty futures trends on the Singapore Stock Exchange (SGX Nifty) indicated an early gap down for national indices.

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The 30-stock BSE Sensex fell 380 points or 0.72% to 52,152 in a volatile first session, while the broader NSE Nifty fell 119 points or 0.76% to trade at 15,520.

Mid and small cap stocks were trading on a weak note today, as the Nifty Midcap 100 plunged 0.92% and small caps lost 0.86%.

12 of 15 sector gauges – compiled by the National Stock Exchange – were trading in the red. The Nifty Metal, Nifty Oil & Gas and Nifty Bank sub-indices underperformed the NSE platform falling as much as 2.75%, 2.24% and 0.85%, respectively.

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On the equity-specific front, Hindalco was Nifty’s biggest loser as the stock fell 4.54% to Rs 323.85. ONCG, Tata Steel, JSW Steel and UPL were also among the latecomers.

The overall market breadth was negative as 955 stocks were up while 1,365 were down on BSE.

On the BSE 30-stock index, Tata Steel, Bajaj Finserv, Bajaj Finance, IndusInd Bank, Bharti Airtel, Axis Bank, Titan, Tech Mahindra, Reliance Industries, Wipro, HCL Tech and Kotak Mahindra Bank were among the biggest losers.

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In contrast, Hindustan Unilever, Dr Reddy’s, Maruti and TCS were trading in the green.

Sensex jumped 934 points or 1.81% to close at 52,532 on Tuesday, while Nifty was up 289 points or 1.88% to settle at 15,639.

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