Equity indices Sensex and Nifty dropped around 1% on
Wednesday due to sharp losses mainly in IT, banking and FMCG stocks following a
global rout in equities on rate hike worries.

Market saw a mixed trend on the sectoral indices as auto, metal, power and oil & gas indices
ended in the green, while FMCG, IT, pharma and realty sectors closed in red. BSE
midcap index lost 0.3% and smallcap index closed flat.

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The 30-scrip BSE Sensex fell 656.04 points or 1.08% to
close at 60,098.82, with 23 of its stocks ending with losses.

SBI, Tata Steel, Maruti Suzuki, Axis Bank and Tech
Mahindra were the top Sensex gainers. Top losers were Infosys, Asian Paints,
HUL, Nestle and Bajaj Finance.

The broader NSE Nifty slipped by 174.65 points or 0.96%
to close at 17,938.40 points as 35 of its stocks closed with losses.

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Nifty top gainers were ONGC, Tata Motors, SBI, Coal India
and UPL, while the Asian Paints, Shree Cements, Infosys, Grasim Industries and
HUL were the top Nifty losers

Among Sensex IT stocks, Infosys fell the most the most by
2.85%, TCS fell by 1.87%, Wipro by 1.52%, and HCL Tech by 1.70%.

Asian Paints dropped by 2.71%, HUL declined by 2.41%,
Bajaj Finance by 2.07&, and Kotak Bank by 1.86%.

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According to stock exchange data, Foreign investors were
the net sellers in the Indian equity markets as they sold stocks worth Rs
1,254.95 crore on Tuesday.

Asian stock markets also ended in red in cautious
trading. Tokyo’s Nikkei 225 lost nearly 3% following losses on Wall Street.

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Australia’s S&P/ASX 200 declined 1% to 7,332.50.
South Korea’s Kospi fell 0.8%, the Shanghai Composite lost 0.3% to 3,558.18.
Hong Kong’s Hang Seng went marginally up.

The rupee broke its 3-day losing trend to settle 14 paise
higher at 74.44 (provisional) against the US dollar.

The global oil benchmark, Brent crude futures surged 0.94%
to 88.33 per barrel.