Indian equity benchmarks were trading lower on Thursday’s afternoon session following their global peers. Traders were worried about the sharp plunge in the crypto market, which erased nearly 20% of global crypto market capitalization in the past 48 hours. Traders were eyeing the US inflation report to predict the further movement of US Federal Reserve rate hikes.

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The Sensex was trading at 60,552.38 down by 481.17 points or 0.79% after trading in a high-low range of 60,848.73 and 60,511.99. On the index, only 5 stocks were advancing and 25 were declining.

The broader indices were trading red with the BSE Midcap index down by 1.10% and the Smallcap index down by 1.03%.

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The top losing sectoral indices on the BSE were Auto down by 2.12%, Consumer Durables 1.50%, Consumer Discretionary 1.45%, Services 1.39%, and Commodities 1.20%. While there were no gaining sectoral indices on the BSE.

The top losers on the Sensex were Axis Bank down by 3.33%, Mahindra & Mahindra 3.26%, Bajaj Finserv 2.95%, Titan Company 2.49%, and IndusInd Bank 2.19%. On the flip side, Bharti Airtel up by 1.42%, Dr. Reddy’s Lab 0.68%, Hindustan Unilever 0.55%, HCL Technologies 0.51%, and HDFC Bank 0.03% were the only gainers on the index.

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The Nifty was trading at 18,014.90 down by 142.10 points or 0.78% after trading in a high-low range of 18,103.10 and 18,010.80. On the index, only 13 stocks were advancing, against 37 stocks declining.

The top losers on Nifty were Tata Motors down by 4.72%,  Mahindra & Mahindra 3.34%, Axis Bank 3.22%, Bajaj Finserv 2.91%, and SBI Life Insurance 2.70%. While Hero Motocorp up by 1.28%, Bharti Airtel 1.21%, ONGC 0.87%, Dr. Reddy’s Lab 0.81, and Hindustan Unilever 0.64% were the top gainers on the index.

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Asian markets were trading mostly lower, Nikkei 225 fell 0.98%, Shanghai Composite fell 0.33%, KOSPI Composite fell 0.91%, and Hang Sang declined 1.91%.