Market Closing: Sensex falls 314-pts, Nifty ends below 17,900

The BSE Sensex fell 314 points on Wednesday, dragged down by losses in index heavyweights Reliance Industries, HDFC twins, and Kotak Bank.

The 30-stock index fell 314.04 points, or 0.52 percent, to 60,008.33, marking the second day of losses. The Nifty also dropped 100.55 points, or 0.56 percent, to 17,898.65. Reliance Industries, Kotak Bank, Bharti Airtel, Titan, Dr. Reddy's, and Mahindra and Mahindra were the top losers in the Sensex pack, each losing approximately 2 percent Maruti, Asian Paints, PowerGrid, and NTPC, on the other side, were among the gainers.

Nine of the National Stock Exchange's 15 sector indices finished lower, headed by the Nifty Realty index, which fell 1.6 percent. The Nifty Oil & Gas, Private Bank, Consumer Durables, Pharma, Financial Services, and Bank indices all dropped by 0.7-1.5 percent.

Meanwhile, Brent crude, the international oil standard, slid 0.90 percent to USD81.69 per barrel. For Wednesday, the dollar rose as solid U.S. retail sales data fueled predictions on earlier Federal Reserve rate hikes, while European stocks gained a little amount of ground after Asian markets shook due to concerns about COVID-19.

The statistics reinforced expectations of a rate hike as early as mid-2022, given the strong level of inflation. The statistics may also push the Fed to speed the tapering of its asset-buying programme, according to investors.

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