All quarters of the market saw selling, led by metal and realty names, wiping off Rs 2.78 lakh crore of equity wealth reflected by the total market cap of BSE-listed companies.
The 30-share pack Sensex declined 555.15 points or 0.93 per cent to close at 59,189.73. The index closed down nearly 800 points from day’s high. Its broader peer NSE Nifty dropped 176.30 points or 0.99 per cent to 17,646.
“Spike in crude prices is spooking the Indian market while inflation is affecting US bond yields. RBI commenced its three-day MPC meeting in which the central bank is expected to keep rates unchanged, however, it is likely to announce measures to gradually pump out liquidity from the economy,” said Vinod Nair, Head of Research at Geojit Financial Services.
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