Indian market indices, like their Asian neighbours, are trading in the red in the lack of any buying activity, while US equities sank dramatically overnight on fears that the Federal Reserve’s interest rate rise this week will not be enough to combat increasing inflation.

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Asian markets were trading mostly in red with Taiwan Weighted dropping 287.92 points or 1.72% to 16,408.20, Shanghai Composite declined 63.85 points or 2.08% to 3,003.91, Hang Seng decreased 743.12 points or 3.57% to 20,050.28, Straits Times trembled 47.90 points or 1.43% to 3,295.67 and KOSPI was down by 29.56 points or 1.1% to 2,648.01. On the flip side, Nikkei 225 was up by 185.03 points or 0.69% to 27,003.56.

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The Sensex is now trading at 54,804.47, down 897.76 points or 1.61% after fluctuating between 54,586.75 and 55,070.12. On the index, three stocks advanced while twenty-seven declined.

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The broader indexes were trading in negative territory, with the BSE Midcap index down 2.16% and the Small-cap index down 2.39%. Metal was down by 4.01%, Basic Materials was down by 3.03%, IT was down by 2.61%, Realty was down by 2.58%, and Consumer Durables was down by 2.08% on the BSE, while there were no rising sectoral indexes.

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The top gainers on the Sensex were ITC up by 1.36%, Bharti Airtel up by 0.20% and NTPC was up by 0.19%. On the flip side, Axis Bank was down by 4.00%, Bajaj Finance was down by 3.79%, Wipro was down by 3.56%, Bajaj Finserv was down by 3.35% and Indusind Bank was down by 2.67% were the top losers.

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The Nifty is presently trading at 16,417.10, down 265.55 points or 1.59% after fluctuating between 16,340.90 and 16,482.80. On the index, there were four stocks that advanced, 45 that declined, and one that stayed unchanged.

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The top gainers on Nifty were Hero MotoCorp up by 2.85%, ITC up by 1.26%, Britannia Inds up by 0.56% and Bharti Airtel was up by 0.02%. On the flip side, Axis Bank down by 3.97%, Hindalco was down by 3.96%, Divi’s Lab down by 3.84%, UPL down by 3.82% and Wipro was down by 3.62% were the top losers.