Indian equity benchmarks erased
all of their initial gains and were now trading lower in afternoon session on
account of selling in front line counters. Losses in IT, realty, and TECK
shares pulled the headline indices lower, though gains in power, utilities and auto
shares lent some support. On the global front, Asian were trading mostly higher
amid investors weighed the risk of the Federal Reserve announcing a 100 basis
point interest rate hike next week to tackle sticky inflation.

Also Read | PVR shares drop more than 5% after investors offload 9% equity

The Sensex was trading at 59,996.82,
down by 350.15 points or 0.58% after trading in the range of 59,889.25 and 60,676.12.
On the index, there were 8 stocks advancing and 22 stocks declining.

The broader indices were
trading in red with the BSE Midcap index down by 0.12% and the Small cap index down
by 0.03%. The top gaining sectoral indices on the BSE were Power up by 1.15%,
Utilities up by 1.11%, Auto up by 1.04%, Oil & Gas up by 0.51% and Telecom
was up by 0.28%, while IT down by 1.57%, Realty down by 1.48%, TECK down by
1.41%, Metal down by 0.93% and Healthcare was down by 0.69% were the top losing
indices on BSE.

Also Read | Yvon Chouinard: Patagonia owner’s past climate initiatives

The top gainers on the
Sensex were Maruti Suzuki up by 3.71%, NTPC up by 1.31%, Power Grid up by
0.95%, Larsen & Toubro up by 0.21% and HDFC was up by 0.17%. On the flip
side, Infosys shed 2.79%, Tech Mahindra 2.72%, Indusind Bank 1.71%, Bajaj Finserv
1.65% and Tata Steel 1.51%.

The Nifty was trading at 17,894.05,
down by 109.70 points or 0.61% after trading in the range of 17,865.10 and 18,096.15.
On the index, there were 13 stocks advancing and 37 stocks declining.

Also Read | Why Queen Elizabeth II’s will and wealth will remain secret

The top gainers on Nifty
were Maruti Suzuki up by 3.60%, Eicher Motors up by 3.50%, Adani Ports up by
1.06%, Grasim Industries up by 0.94% and Power Grid was up by 0.92%. Hindalco
down by 3.42%, Infosys down by 2.87%, Cipla down by 2.69%, Tech Mahindra down
by 2.42% and Divi’s Lab was down by 2.02% were the top losers.

Also Read | Why the Indian stock market fell today?

Asian markets were trading mostly in the green with the Nikkei 225 surging
57.29 points or 0.21% to 27,875.91, Taiwan Weighted strengthening 11.73 points
or 0.08% to 14,670.04, Straits Times advancing 12.53 points or 0.38% to
3,270.55, Hang Seng increasing 43.14 points or 0.23% to 18,890.24 and Jakarta
Composite was up by 85.34 points or 1.17% to 7,363.42. On the other hand, KOSPI
fell 9.52 points or 0.39% to 2,401.90 and Shanghai Composite was down by 48.18
points or 1.49% to 3,189.36.