Indian equity benchmarks the BSE Sensex and the Nifty
settled nearly 1% down on Tuesday amid fresh foreign outflows and mixed global
trends.

The BSE Sensex slipped by 497.73 points or 0.89% to close
at 55,268.49, extending its losses for second straight day. During the day, it plunged
562.79 points or 1% to 55,203.43.

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The broader NSE Nifty fell by 147.15 points or 0.88% to 16,483.85.

The broader indexes ended in red with the BSE Midcap index down
by 1.21%, while the Small cap index was down by 1.20%. The top losing sectoral
indices on the BSE were IT down by 2.84%, TECK down by 2.23%, FMCG down by
1.32%, Capital Goods down by 1.28% and Consumer Durables was down by 1.22%,
while there were no gainers on the BSE sectoral front.

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Major laggards from the Sensex pack were Infosys down by
3.40%, Axis Bank down by 3.00%, Hindustan Unilever down by 2.84%, Dr Reddys
Labs down by 2.78%, Wipro down by 2.28%, Larsen down by 1.76%, HCL Tech down by
1.74%, Tech Mahindra down by 1.68%, TCS down by 1.62% and Titan Company down by
1.55%.

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Among the gainers were Bajaj Finserv up by 5.58%, Bharti
Airtel up by 0.83%, Power Grid Corp up by 0.53%, Bajaj Finance up by 0.46% and
ITC up by 0.43%.

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The US Federal Reserve’s meeting will start today, which is
expected to maintain its aggressive rate hike of 0.75 bps (basis points), and
recession fear, especially in western markets, weighed on market sentiment,
said Vinod Nair, Head of Research at Geojit Financial Services.

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“Even though the domestic market is showcasing
strength, the spillover effect from the western market is inevitable,”
Nair added.

The rupee pared its initial gains and finally settled flat
at 79.78 amid muted domestic equities, firming crude oil prices and concerns
over the hawkish US Fed.

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Among Asian markets, Tokyo ended slightly lower, while
Shanghai, Seoul and Hong Kong ended higher.

European markets were trading mostly lower during afternoon
session. The US stock markets had ended on a mixed note on Monday.

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Brent crude, the international oil benchmark surged 1.38%
to 106.6 per barrel.

According to stock exchange data, foreign institutional
investors offloaded shares worth Rs 844.78 crore on Monday.