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Sensex and Nifty extend losses for third day as computer stocks fall


Sensex and Nifty settled on a lower note today.

New Delhi:

On Wednesday, India’s equity benchmarks extended their slide for the third consecutive session as a strong sell-off in information technology stocks countered gains in financials. Investors await minutes from the final US Federal Reserve policy meeting scheduled for later today. Some senior Fed policymakers backed two more big interest rate hikes as early as June and July to tackle US inflation, which has been high for 40 years.

Market participants also worried that rate hikes could cripple the world’s largest economy, disrupting domestic growth.

The 30-stock BSE Sensex fell 303 points or 0.56% to close at 53,749, while the broader NSE Nifty fell 99 points or 0.62% to 16,026. Sensex tipped in a band of 696 points in today’s session.

Mid and small cap stocks ended on a weak note, with the Nifty Midcap 100 down 2.45% and small caps down 3.46%.

11 of 15 sector gauges – compiled by the National Stock Exchange – settled into the red. The Nifty IT, Nifty Consumer Durables and Nifty Pharma sub-indices underperformed the platform falling as much as 3.38%, 1.32% and 1.16%, respectively.

On the stock-specific front, Asian Paints was Nifty’s biggest loser as the stock fell 8.03% to Rs 2,839. Adani Ports, Divi’s Labs, UPL and Tech Mahindra were also among the laggards.

The overall market breadth remained negative as 715 stocks rose while 2,612 fell on BSE.

On the BSE 30-stock index, Asian Paints, TCS, TechM, Wipro, L&T, Infosys, HCL Tech, SBI, M&M, Titan, PowerGrid and UltraTech Cements were among the biggest losers.

On the other hand, NTPC, Bharti Airtel, Kotak Mahindra Bank, HDFC, Nestle India, ICICI Bank, ITC and HDFC Bank settled in the green.

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