Breaking their four-day gaining streak, equity benchmarks
Sensex and Nifty declined on Wednesday due to profit booking in FMCG, IT, and
banking shares following weak global trends and persistent foreign capital
outflows.

In a volatile session, The BSE Sensex ended 150.48 points
or 0.28% lower at 53,026.97 as 20 of its stocks settled with losses. During the
day, it plunged 564.77 points or 1.06% to 52,612.68 ahead of the expiry in the
derivatives segment on Thursday.

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The NSE Nifty fell 51.20 points or 0.32% to 15,799.10 with
34 of its stocks settling in the red.

The broader indices ended in red with the BSE Mid cap index
down by 0.70%, while the Small cap index was down by 0.18%. On the sectoral
front, Power was up by 1.63%, Utilities was up by 1.54%, Energy was up by
0.87%, Oil & Gas up by 0.57% and Auto up by 0.34%, while Bankex down by
1.20%, IT down by 1.02%, FMCG down by 1.01%, TECK down by 0.83% and Telecom
down by 0.54% were the top losing indices on BSE.

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Major laggards from the Sensex pack were Hindustan Unilever
down by 3.46%, Axis bank down by 2.57%, Bajaj Finserv down by 2.19%, Titan
Company down by 1.59%, Wipro down by 1.59%, Kotak Mahindra down by 1.57%, HCL
Tech down by 1.42%, IndusInd Bank down by 1.20%, Bajaj Finance down by 1.17%
and Infosys down by 1.12%.

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Among the gainers were NTPC up by 2.42%, Reliance up by
1.98%, Sun Pharma up by 1.52%, UltraTech Cement up by 0.90%, ITC up by 0.90%,
and Power Grid Corporation up by 0.62%.

The rupee depreciated 18 paise to close at a record low of 79.03 against the US dollar.

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“Markets traded volatile for yet another session and
lost nearly half a percent. Weak global cues were weighing on the sentiment in
early trade which triggered a gap-down start however buying in select index
majors trimmed the losses as the day progressed,” Ajit Mishra, VP –
Research, Religare Broking Ltd said.

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In the Asian markets, Tokyo, Shanghai, Seoul, and Hong Kong
ended lower

European stock markets were also trading lower in
mid-session deals. The US markets also ended lower on Tuesday.

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“Consumer confidence is declining rapidly due to the
uncontrolled & constant rise in inflation. India had to bear the
double-whammy effect of a dampening global equity market and rising crude
prices as major suppliers like Saudi are unable to boost the output in the
short term.

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“However, the domestic market was able to recover most
of the losses due to the strong movement of index heavyweights, PSUs, metals,
and oil & gas stocks before slipping some gains by the end of the day due
to volatile global market,” said Vinod Nair, Head of Research at Geojit
Financial Services.

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Brent crude, international oil benchmark surged
0.31% to $118.3 per barrel.

According to stock exchange data, foreign institutional
investors (FIIs) remained net sellers in the capital market, as they sold
shares worth Rs 1,244.44 crore on Tuesday.