The Sensex fell almost 575 points on Thursday, reflecting hefty losses in index heavyweights HDFC twins, TCS, and Reliance Industries amid a negative trend in global markets.

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Traders stated that the US Fed meeting minutes’ signal of a faster-than-expected policy rate hike to combat rising inflation, as well as climbing oil prices amid geopolitical uncertainty, weighed on sentiment. Investors are also looking for clues from the outcome of the RBI policy meeting, which will be released on April 8.

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The 30-share Sensex fell 575.46 points, or 0.97%, to 59,034.95, its third consecutive day of losses. The broader Nifty-50 index fell 168.10 points, or 0.94%, to 17,639.55.

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Titan, HDFC, HDFC Bank, Wipro, TCS, Reliance Industries Limited, and Power Grid were the top laggards within the 30-share pack. Axis Bank, Hindustan Unilever, ICICI Bank, M&M, and Dr Reddy, on the other hand, were among the gainers.

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In the broader market, the BSE smallcap gauge declined 0.75% and the midcap index dipped 0.42%. As many as 1,714 stocks declined, while 1,694 advanced and 106 remained unchanged.

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“Recent market weakness is partly due to the increasingly hawkish commentary from the US Fed,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

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The BSE smallcap index fell 0.75%, while the midcap index fell 0.42% in the broader market. There were 1,714 stocks that fell, 1,694 that rose, and 106 that were constant.

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Markets in Hong Kong, Seoul, Shanghai, and Tokyo all ended the day with significant losses. In early trades, European markets were also trading in the red. In the overnight session, the US indices finished down.

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Brent crude, the international oil benchmark, rose 0.93% to USD 102 a barrel. On Thursday, the rupee lost 11 paise to settle at 75.95 against the US dollar.