Markets fall for 3rd session: Sensex plunges 575 points; Nifty settles at 17,639

NEW DELHI: Equity indices plunged for third straight session with the benchmark BSE sensex falling over 550 points dragged by consumer durables and oil and gas stocks.
The 30-share BSE index fell 575 points or 0.97 per cent to close at 59,035; while the broader NSE Nifty settled 168 points or 0.94 per cent lower at 17,640.
Titan, HDFC, HDFC Bank, Wipro, TCS and Reliance were the top losers in the sensex pack falling up to 3.24 per cent.
Whereas, Axis Bank, ICICI Bank, HUL, M&M abd Dr Reddy’s were the top gainers in the sensex pack falling as much as 2.38 per cent.
On the NSE platform, sub-indices Nifty Oil & Gas, Consumer Durables, Metal and IT fell as much as 2.24 per cent.
According to analysts, markets are looking forward to Reserve Bank of India‘s (RBI) monetary policy outcome, to be announced tomorrow.
Besides, global sentiments took a beating after the minutes of US Federal Reserve’s March meeting showed deepening concern among policymakers that inflation had broadened through the economy and need for tighter monetary policy.
“The Fed minutes is impacting global markets and bond yields are rising. The Russia-Ukraine issue is not fully settled. Globally, costs are rising,” Anita Gandhi, a whole-time director at Arihant Capital Markets told news agency Reuters.
Markets will be looking for the RBI’s rate stance as the economy has already opened, said Gandhi, adding that the Russia-Ukraine conflict has affected crop sowing and thus food inflation is going to be there.
In terms of individual stocks, HDFC twins continued their downward journey for the third day in a row.
Shares of Zee Entertainment fell as much as 2.10 per cent after US investment firm Invesco said on Wednesday it planned to cut its stake in Zee by more than a third to 11 per cent.
Meanwhile, foreign institutional investors offloaded shares worth Rs 2,279.97 crore on Wednesday, as per exchange data.
(With inputs from agencies)

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