The Sensex fell 564.77 points on Wednesday, following negative global market trends and ongoing foreign capital outflows. Sensex was down 564.77 points at 52,612.68. The Nifty dropped 162.4 points to 15,687.80 on the NSE.

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Among the Sensex pack, the top laggards in early trade were IndusInd Bank, Hindustan Unilever, Bajaj Finserv, Titan, Kotak Mahindra Bank, and Bajaj Finance. Sun Pharma and Bharti Airtel were the only companies that gained ground.

Other Asian markets were trading down in mid-session deals in Tokyo, Shanghai, Seoul, and Hong Kong. The US markets closed lower on Tuesday as well.

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“The sharp pullback witnessed in the US last Friday has lost steam and the markets have again turned weak. The decline in commodity prices last week has not sustained and Brent crude is back to above USD 117,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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“Even though there is no consensus on whether the US economy will slip into recession or not, there are clear signs of the economy slowing down”, he added.

“In this context of conflicting signals, markets are likely to remain choppy,” Vijayakumar said.

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The Sensex rose 16.17 points, or 0.03%, to 53,177.45 on Tuesday, its fourth consecutive day of advances. The Nifty rose 18.15 points, or 0.11%, to 15,850.20.

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According to exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Tuesday, selling shares worth Rs 1,244.44 crore.

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Meanwhile, the international oil benchmark Brent crude fell 0.5% to USD 116.86 per barrel. In early trade on Wednesday, the rupee fell 11 paise to a record low of 78.96 against the US dollar, driven down by continued foreign capital outflows.