Indian stock market fell sharply on Friday, with the
Sensex plummeting over 866 points to close below the 55,000-march amid a
sell-off in global markets.

Persistent foreign fund outflows and high crude oil
prices also weighed on market sentiment.

The BSE Sensex slipped 866.65 points or 1.56% to close at
54,835.58. During the day, it fell 1,115.48 points or 2% to 54,586.75.

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Similarly, the NSE Nifty tanked 271.40 points or 1.63% to
finish at 16,411.25.

On the sectoral front, realty and metal indices fell 3%
each and the IT index was down 2%. Power index rose 0.5%.

Major laggards from the 30-share pack were Bajaj Finance
up by 4.91%, Axis Bank down by 4.11%, Bajaj Finserv down by 3.39%, Nestle down
by 3.34%, Wipro down by 3.12%, HDFC down by 2.84%, Infosys down by 2.64%, HDFC
Bank down by 2.59% and UltraTech Cement down by 2.53%.

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Among the gainers were Tech Mahindra up by 2.21%,
PowerGrid up by 1.88%, ITC up by 1.83%, SBI up by 0.92%, NTPC up by 0.60% and
Sun Pharma up by 0.54%.

BSE midcap and smallcap indices slipped 2% each.

Indian rupee settled 65 paise down at 76.91 per US dollar
against the previous close of 76.26.

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Asian market peers in Hong Kong, Shanghai and Korea ended
significantly lower, while Tokyo settled higher.

European exchanges were trading in the negative zone in
the afternoon session.

US stock exchange in the US had fallen sharply in the
overnight session.

The Bank of England hiked its key interest rate to the
highest level in 13 years on Thursday.

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“US markets witnessed a relief rally on Wednesday
after the FOMC meeting but it tumbled on Thursday due to more anxiety over
rising interest rates,” said Mohit Nigam, Head – PMS, Hem Securities.

“A steep crash in the US stocks as the market
evaluated the need for a higher rate hike to tame elevated inflation levels
wounded global markets with heavy selling. The Bank of England while raising
its interest rates, warned about a possible risk of recession, aggravating
investor fears,” said Vinod Nair, Head of Research at Geojit Financial
Services.

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International oil benchmark Brent crude jumped 2.20% to
USD 113.3 per barrel.

According to stock exchange data, a foreign institutional
investor sold shares worth a net Rs 2,074.74 crore on Thursday.