Indian equity markets have continued to trade in the red, mirroring other Asian peers, as traders were concerned as US inflation soared over the past year to its highest rate in four decades, hammering America’s consumers, wiping out pay raises, and reinforcing the Federal Reserve’s decision to begin raising borrowing rates across the economy.

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On the global front, Asian markets were trading lower with Straits Times lost 3.69 points or 0.11% to 3,424.31, Taiwan Weighted dropped 27.11 points or 0.15% to 18,310.94, KOSPI fell 24.56 points or 0.89% to 2,747.37, Jakarta Composite lost 23.04 points or 0.34% to 6,800.60, Shanghai Composite declined 16.65 points or 0.48% to 3,469.26 and Hang Seng was down by 176.24 points or 0.71% to 24,748.11.

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The Sensex is presently trading at 58,048.46, down 877.57 points or 1.49% after trading in a range of 57,914.10 and 58,447.15. On the index, there were two equities that advanced and 28 stocks that declined.

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The broader indices were trading in red with the BSE Midcap index losing 1.31%, while the Small cap index was down by 1.30%. The top losing sectoral indices on the BSE were IT down by 2.46%, TECK down by 2.31%, Consumer Durables down by 1.99%, Realty down by 1.97% and Capital Goods down by 1.63%, while there were no gaining sectoral indices on the BSE.

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The top gainers on the Sensex were Tata Steel up by 0.86% and Indusind Bank was up by 0.26%. On the flip side, Infosys was down by 2.87%, Nestle was down by 2.42%, Tech Mahindra was down by 2.28%, Larsen & Toubro down by 2.28% and Wipro was down by 2.18% were the top losers.

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The Nifty is presently trading at 17,348.05, down 257.80 points or 1.46% after ranging between 17,303.00 and 17,454.75. On the index, there were 5 stocks that advanced and 45 stocks that declined.

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The top gainers on Nifty were Divi’s Lab up by 3.47%, Indian Oil Corp up by 1.58%, Tata Steel up by 0.91%, Indusind Bank up by 0.37% and BPCL up by 0.31%. On the flip side, Grasim Industries down by 3.59%, Infosys down by 2.94%, Britannia Inds down by 2.73%, Nestle down by 2.65% and Tech Mahindra down by 2.45% were the top losers.