Indian equity benchmarks were trading lower, and came off the day’s low points in early noon deals, following the negative cues from other Asian markets. Traders remained cautious as, an International Monetary Fund (IMF) official said that India’s debt ratio is projected to be 84% of its GDP by the end of 2022, higher than many emerging economies, but its debt is a little bit easier to sustain. Additional fear traders faced was when the US Fed Governor said that a ‘sizable increase’ in the key interest rate would continue if inflation continues to be higher.

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The Sensex was trading at 57,315.70, down by 310.21 points or 0.54% after trading in a range of 57,568.14 and 57055.75. On the index, only 6 stocks were advancing and 24 were declining.

The broader indices were trading in red with the BSE Midcap index down by 0.82% and the SmallCap index down by 0.48%.

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The top losing sectoral indices on the BSE were Services down by 1.56%, Bankex down by 1.16%, Financial Services down by 1.13%, FMCG down by 1.12%, Auto down by 1.09%, while only Healthcare was trading by 0.09% higher.

The top gainers on the Sensex were HCL Tech up by 2.78 %, Sun Pharma 1.45%, Reliance Industries 0.61%, Dr. Reddy’s Lab 0.39% and Mahindra & Mahindra 0.20%. On the flip side, Wipro was down by 6.93 %, State Bank of India was down by 1.97%, Larsen & Toubro was down by 1.97%, ICICI Bank was down by 1.47%, Asian Paints was down by 1.11%.

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The Nifty was trading at 17,020.40 up by 103.20 points or 0.6% after trading in a range of 17,112.35 and 16,956.95. On the index, 13 stocks were advancing against 37 stocks declining.

The top gainers on Nifty were HCL Tech. up by 2.87%, Sun Pharma by 1.79%, Hindalco by 0.74%, Coal India by 0.56% and Reliance Industries Limited by 0.52%. Among the losers were Wipro down by 7.05%, Adani Ports 2.93%, State Bank of India 2.00%, SBI Life Insurance 1.82% and Larsen & Toubro 1.77%.

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Asian markets were trading lower, the KOSPI fell 1.8%, Shanghai Composite declined 0.22%, Jakarta Composite lost 0.07%, Taiwan Weighted dropped 2.07%, Nikkei 225 slipped 0.6% and Hang Seng was down 1.26%.