Equity indices fell sharply on Monday, with the Sensex plunging 1,172.19 points, pulled down by heavyweights Infosys and HDFC twins and following a weak trend in Asian markets.

The BSE Sensex closed 1,172.19 points or 2.01% lower at 57,166.74. During the day, it tumbled 1,496.54 points or 2.56% to 56,842.39.

The broader NSE Nifty slipped 302 points or 1.73% to finish at 17,173.65.

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On the sectoral front, the IT index was down 4.7% and realty, bank indices slipped 1% each. However, auto, power, FMCG and metal ended in the green. BSE midcap and smallcap indices were down 1% each.

Major laggards in the 30-share pack include Infosys down by 7.27%, HDFC down by 4.81%, HDFC Bank down by 4.74%, Tech Mahindra down by 4.69%, Wipro down 3.67% and TCS down by 3.63%.

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Among the gainers were NTPC up by 6.11%, Tata Steel up by 1.51%, Maruti up by 1.37%, Titan up by 1.21%, HUL up by 1.13%, M&M up by 0.99% and Nestle up by 0.89%.

Shares of tech major Infosys plummeted 7.16% after its Q4 results failed to excite investors.

HDFC Bank declined 4.53% to Rs 1,398.50 even after posting a 22.8% jump in its standalone net profit at Rs 10,055.2 crore for the quarter ended March 2022.

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The rupee declined 6 paise to close at 76.25 against the US dollar.

In addition, the wholesale price-based inflation (WPI) rose to a four-month high of 14.55% in March on rising prices of crude oil and other commodities due to disruption in the global supply chain in the wake of the Russia-Ukraine war, a development that can induce the RBI to raise interest rates to control price rise.

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Among Asian market peers, Seoul, Shanghai, and Tokyo settled lower while Hong Kong was closed for a holiday.

The international benchmark for crude oil Brent crude slipped 0.18% to USD 111.5 per barrel.

According to stock exchange data, foreign institutional investors sold shares worth a net Rs 2,061.04 crore on Wednesday.