The Sensex fell more than 500 points in early trade on Wednesday, mirroring losses in index heavyweights HDFC Bank, ICICI Bank, and Infosys amid a worldwide market selloff. The Sensex was down 501.74 points, or 0.84 percent, at 59,165.86. Likewise, the Nifty fell 135.05 points, or 0.76 percent, to 17,613.55.

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Sensex’s biggest loss was ICICI Bank, which fell about 2%, followed by HDFC Bank, Maruti, Bajaj Auto, Infosys, and Bajaj Finserv. On the other side Dr. Reddy’s, Tata Steel, Sun Pharma, and Nestle India, were among the winners.

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In the previous session, the 30-share index down 410.28 points, or 0.68 percent, to 59,667.60, while the Nifty fell 106.50 points, or 0.60 percent, to 17,748.60.

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According to exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday, offloading shares worth Rs 1,957.70 crore.

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According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the rise in the benchmark US 10-year yield to 1.546 percent has frightened stock markets in the US, with S&P 500 and Nasdaq down more than 2%.

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“The rise in US bond yields triggering correction in equity markets has been a known threat for some time now. But what triggered this sudden spike in bond yield was the Fed chief Jerome Powell’s statement that inflation may persist for a much longer time,” he said. Further, he noted that the rise in the dollar index to 93.7 levels indicates profit booking in stocks and safe-haven buying into the dollar. “It is too early to conclude that this is a trend reversal for markets. But at the present elevated valuations, the risk is high. Investors may watch for consolidation in markets,” he added.

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In other Asian markets, bourses in Shanghai, Hong Kong, Tokyo, and Seoul were trading with significant losses in mid-session trades.

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Meanwhile, the international oil benchmark Brent crude lost 1.51% to USD 77.17 a barrel. Rupee slips 12 paise to 74.18 against US dollar in early trade.