The bloodbath on Dalal Street continued as market traders, more frightened of the unrelenting drop, squared-off holdings in every company they own amid expectations of aggressive interest rate hikes by the US Federal Reserve later this week. Consumer inflation in the United States reached a new 40-year high of 8.6% in May. The rupee plummeted to a record low of 78.14 against the US dollar.

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All Asian markets were trading lower with Taiwan Weighted dropping 389.14 points or 2.36% to 16,070.98, KOSPI fell 91.36 points or 3.52% to 2,504.51, Straits Times trembled 30.46 points or 0.96% to 3,151.27, Jakarta Composite lost 152.29 points or 2.15% to 6,934.36, Nikkei 225 slipped 836.85 points or 3.01% to 26,987.44, Hang Seng decreased 721.36 points or 3.31% to 21,084.82 and Shanghai Composite was down by 37.18 points or 1.13% to 3,247.65.

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The Sensex is presently trading at 52,888.55, down 1414.89 points or 2.61% from a low of 52,734.98 and a high of 53,207.54. On the index, there were four stocks that advanced and 26 that declined.

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The broader indexes were trading in negative territory, with the BSE Mid size index down 2.16% and the Small-cap index down 2.33%. The top losing sectoral indices on the BSE were IT, which fell 3.35%, Bankex, which fell 3.22%, TECK, which fell 3.02%, Metal, which fell 2.93%, and Industrials, which fell 2.71%, while there were no advancing sectoral indices on the BSE.

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The top gainers on the Sensex were Nestle up by 0.47%, Hindustan Unilever up by 0.28%, Maruti Suzuki up by 0.12% and Power Grid was up by 0.04%. On the flip side, Bajaj Finserv was down by 5.90%, Bajaj Finance down by 5.22%, Indusind Bank down by 5.17%, ICICI Bank down by 4.74% and Tech Mahindra was down by 4.31% were the top losers.

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The Nifty is presently trading at 15,769.50, down 432.10 points or 2.67% after moving in a range of 15,749.90 and 15,886.15. On the index, there were 7 stocks that advanced and 43 stocks that declined.

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The top gainers on Nifty were Nestle up by 0.47%, Hindustan Unilever up by 0.40%, Eicher Motors up by 0.37%, Maruti Suzuki up by 0.18% and Power Grid was up by 0.16%. On the flip side, Bajaj Finserv was down by 5.87%, Hindalco down by 5.17%, Bajaj Finance down by 5.08%, IndusInd Bank down by 5.08% and ICICI Bank was down by 4.62% were the top losers.