India's benchmark indices hit record high levels on Wednesday. The Sensex reached the 64,000-mark, NIFTY scaled the 19,000 level. Molly Gambhir brings you a report.

Gravitas: India's stock market at record high level

Indian equity benchmark index, the Sensex, has dropped by over 2,000 points, and domestic have fallen for seven straight trading sessions as of Monday, leading to investors' wealth erosion of over $120 billion.

Those losses come after the main benchmarks suffered their worst weekly selloff of the year on worries of aggressive interest-rate hikes.

The Sensex index has dropped 2,031.16 points, or 3.31 per cent, since February 16, with the total market capitalisation of all companies listed on the Bombay Stock Exchange (BSE) down by over $120 billion, or 26 per cent, during this time.

Foreign investors, too, have turned net sellers, pulling out over $23 billion from Indian equities so far this month.

According to Shrikant Chouhan, head of retail equity research at Kotak Securities, investors are cutting their equity exposure due to weak Asian market cues and worsening global macroeconomic indicators such as increasing inflation, rising interest rates, and unpredictable commodity prices.

<a href="https://www.wionews.com/business-economy/in-dispute-with-adani-indian-truckers-say-hindenburgs-report-a-godsent-565123">Read more:&nbsp;In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent'</a>

Still, after steep losses, Indian equity benchmarks eeked out small gains in early trade on Tuesday, driven by month-end flows which lifted sentiment and investors adjusted to expectations of more interest rate hikes.

However, worries about future interest rate hikes to temper stubbornly high inflation continued.

"After trading in red for most part of the trading session, the bulls were seen regrouping helped by mild US dollar selling, and also as European stock markets opened higher," said Prashanth Tapse, Senior Vice President for Research at Mehta Equities.

"Sentiment remained weak on the back of headwinds such as expectations of higher rates and geopolitical risks," he added.

What has also added to investor concern is solid US data, which has driven the futures market to price in a higher Fed rate peak.

Indeed, rates are now expected to rise by at least three more 25 basis points rate hikes from their current range of 4.50 per cent&nbsp;to 4.75 per cent, with a 50 basis point increase possible in March, according to Fed futures.

<a href="https://www.wionews.com/trending/how-much-money-is-enough-when-you-retire-3-mln-says-survey-564315">Read more:&nbsp;How much money is enough when you retire? $3 million, says survey</a> 
&nbsp; 
According to data released on Monday, US contracts to buy previously owned homes rose to the highest in over two-and-a-half years in January, while core capital goods orders in the world's largest economy advanced last month, exceeding expectations.

That solid data follows a personal consumption expenditure report that came in much higher than expected on Friday, adding to the growing consensus that the US Federal Reserve will need to maintain its hawkish stance for longer than previously expected.

Vinod Nair, head of research at Geojit Financial Services, said, "bears continued to wreak havoc in the domestic market as the latest data releases from the US heightened the existing worries of aggressive rate hikes."

"The personal consumption expenditure in the US, which is the US Fed's key monitorable of inflation, increased in January, pressuring investors to stay away from equities markets," he added.

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Indian equity benchmark index, the Sensex, has dropped by over 2,000 points, and domestic have fallen for seven straight trading sessions as of Monday, leading to investors' wealth erosion of over $120 billion.

Indian equity benchmark index, the Sensex, has dropped by over 2,000 points, and domestic have fallen for seven straight trading sessions as of Monday, leading to investors' wealth erosion of over $120 billion. Those losses come after the main benchmarks suffered their worst weekly selloff of the year on worries of aggressive interest-rate hikes. The Sensex index has dropped 2,031.16 points, or 3.31 per cent, since February 16, with the total market capitalisation of all companies listed on the Bombay Stock Exchange (BSE) down by over $120 billion, or 26 per cent, during this time. Foreign investors, too, have turned net sellers, pulling out over $23 billion from Indian equities so far this month. According to Shrikant Chouhan, head of retail equity research at Kotak Securities, investors are cutting their equity exposure due to weak Asian market cues and worsening global macroeconomic indicators such as increasing inflation, rising interest rates, and unpredictable commodity prices. Read more: In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent' Still, after steep losses, Indian equity benchmarks eeked out small gains in early trade on Tuesday, driven by month-end flows which lifted sentiment and investors adjusted to expectations of more interest rate hikes. However, worries about future interest rate hikes to temper stubbornly high inflation continued. "After trading in red for most part of the trading session, the bulls were seen regrouping helped by mild US dollar selling, and also as European stock markets opened higher," said Prashanth Tapse, Senior Vice President for Research at Mehta Equities. "Sentiment remained weak on the back of headwinds such as expectations of higher rates and geopolitical risks," he added. What has also added to investor concern is solid US data, which has driven the futures market to price in a higher Fed rate peak. Indeed, rates are now expected to rise by at least three more 25 basis points rate hikes from their current range of 4.50 per cent to 4.75 per cent, with a 50 basis point increase possible in March, according to Fed futures. Read more: How much money is enough when you retire? $3 million, says survey According to data released on Monday, US contracts to buy previously owned homes rose to the highest in over two-and-a-half years in January, while core capital goods orders in the world's largest economy advanced last month, exceeding expectations. That solid data follows a personal consumption expenditure report that came in much higher than expected on Friday, adding to the growing consensus that the US Federal Reserve will need to maintain its hawkish stance for longer than previously expected. Vinod Nair, head of research at Geojit Financial Services, said, "bears continued to wreak havoc in the domestic market as the latest data releases from the US heightened the existing worries of aggressive rate hikes." "The personal consumption expenditure in the US, which is the US Fed's key monitorable of inflation, increased in January, pressuring investors to stay away from equities markets," he added. WATCH WION LIVE HERE:

$120 billion wiped out in seven days of Indian stocks meltdown

The Big Bull of Indian markets Rakesh Jhunjhunwala passed away this morning in India’s western Mumbai city. He was 62.&nbsp;He&nbsp;is survived by his wife,&nbsp;two sons and a daughter.

According to reports, he was brought to the Breach Candy Hospital at 6.45 am, where he was declared dead on arrival.&nbsp;He was said to be suffering from multiple health issues, including kidney ailments.

The veteran investor, often dubbed India’s Warren Buffet, had recently ventured into the aviation industry with his Akasa Air, which began its operations on August 7 this year.

Prime Minister Narendra Modi condoled his demise.

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Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti. <a href="https://t.co/DR2uIiiUb7">pic.twitter.com/DR2uIiiUb7</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1558665063770505216?ref_src=twsrc%5Etfw">August 14, 2022</a></blockquote>
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According to Forbes, Jhunjhunwala had a net worth of around $5.5 billion. He is ranked&nbsp;among the top 500 billionaires.

Jhunjhunwala, born on July 5 1960 to an income tax officer, entered the stock market&nbsp;in 1985. He started with Rs 5,000 ( $62 approx.) investment at the time.

He got an interest in the stock market after listening to his father discuss it with his friends. Jhunjhunwala’s most profitable investment is Titan, the jewellery play from Tata stable.

The Big Bull investor&nbsp;graduated from Sydenham College in 1985, Mumbai, after which he joined the Institute of Chartered Accountant of India.

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The Big Bull of Indian markets Rakesh Jhunjhunwala passed away this morning in India’s western Mumbai city. He was 62. He is survived by his wife, two sons and a daughter.

The Big Bull of Indian markets Rakesh Jhunjhunwala passed away this morning in India’s western Mumbai city. He was 62. He is survived by his wife, two sons and a daughter. According to reports, he was brought to the Breach Candy Hospital at 6.45 am, where he was declared dead on arrival. He was said to be suffering from multiple health issues, including kidney ailments. The veteran investor, often dubbed India’s Warren Buffet, had recently ventured into the aviation industry with his Akasa Air, which began its operations on August 7 this year. Prime Minister Narendra Modi condoled his demise. Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti. pic.twitter.com/DR2uIiiUb7 — Narendra Modi (@narendramodi) August 14, 2022 × According to Forbes, Jhunjhunwala had a net worth of around $5.5 billion. He is ranked among the top 500 billionaires. Jhunjhunwala, born on July 5 1960 to an income tax officer, entered the stock market in 1985. He started with Rs 5,000 ( $62 approx.) investment at the time. He got an interest in the stock market after listening to his father discuss it with his friends. Jhunjhunwala’s most profitable investment is Titan, the jewellery play from Tata stable. The Big Bull investor graduated from Sydenham College in 1985, Mumbai, after which he joined the Institute of Chartered Accountant of India. WATCH WION LIVE HERE

Indian stock market mogul Rakesh Jhunjhunwala dies at 62

The Indian Rupee weakened and shares slipped on Friday as oil prices surged after <a href="https://www.wionews.com/world/president-trump-ordered-action-against-irans-quds-force-commander-soleimani-us-department-of-defence-271773">US&nbsp;airstrikes</a> killed a top Iranian commander, intensifying geopolitical tensions in the Middle East.

Other Asian markets also tumbled following news of the airstrikes, in which the head of Iran's elite Quds Force and a top Iraqi militia leader were killed early on Friday at Baghdad airport.

Oil prices surged, reflecting concerns that escalating Middle East tensions may disrupt oil supplies. <a href="https://www.wionews.com/business-economy/oil-prices-surge-after-us-strike-kills-iranian-general-271775">Brent crude</a> futures jumped to their highest since September&nbsp;17 and were last up 2.88 per cent at $68.16 a barrel.

The Rupee weakened by 0.26 per cent to 71.5525 against the <a href="https://www.wionews.com/business-economy/dollar-snaps-six-day-losing-streak-a-flat-start-for-2020-271653">dollar</a>. India, the world's third-biggest oil consumer, imports about 80 per cent of its oil needs, making it highly susceptible to crude price swings.

"Iran will certainly retaliate ... Oil is likely to be on boil. Bad for large oil-importing countries, especially those with large trade and current account deficit like India," said Ajay Bodke, chief executive of portfolio management services at Prabhudas Lilladher Pvt Ltd in Mumbai.

"Risk aversion would spike sharply. Investors may again find comfort in mega-caps and shun 'risky' small- and mid-cap equities."

India's NSE <a href="https://www.wionews.com/business-economy/sensex-gains-by-321-points-as-nifty-closes-on-high-record-tata-motors-on-top-winner-271672">Nifty 50</a> index, which tracks blue-chip equities, was down 0.35 per cent to 12,239.50 by 0425 GMT, while the benchmark S&amp;P BSE&nbsp;Sensex&nbsp;fell 0.28 per cent to 41,512.38.

Shares in oil refining, retail and telecoms group Reliance Industries Ltd, India's largest company by market value, fell 0.7 per cent, on concerns of falling margins due to the rise in oil prices.

State-run oil producer Oil and Natural Gas Corp and gas suppliers <a href="https://www.wionews.com/business-economy/sensex-nifty-edge-higher-in-rangebound-trade-gail-power-grid-rise-270934">GAIL</a> gained roughly 2.4 per cent each.

Shares in India's top two airlines also slumped due to the surge in oil prices. InterGlobe Aviation Ltd fell 1.8 per cent, while SpiceJet Ltd shed 4.4 per cent.

Asian Paints Ltd, a Nifty 50 component, fell 1.4 per cent.

Shares in IT services companies, which receive a bulk of their revenue from overseas and benefit from a weaker Rupee, gained. Infosys Ltd and Wipro Ltd climbed 1.5 per cent each, while <a href="wionews.com/india-news/tata-sons-moves-supreme-court-over-nclat-order-to-reinstate-cyrus-mistry-as-chairman-271594">Tata</a> Consultancy Services rose 2.3 per cent.

Meanwhile, India's central bank on Thursday announced another simultaneous purchase and sale of government bonds, the third such operation in recent weeks, moves seen as an attempt to bring longer-term yields lower.

The Indian Rupee weakened and shares slipped on Friday as oil prices surged after US airstrikes killed a top Iranian commander, intensifying geopolitical tensions in the Middle East.

The Indian Rupee weakened and shares slipped on Friday as oil prices surged after US airstrikes killed a top Iranian commander, intensifying geopolitical tensions in the Middle East. Other Asian markets also tumbled following news of the airstrikes, in which the head of Iran's elite Quds Force and a top Iraqi militia leader were killed early on Friday at Baghdad airport. Oil prices surged, reflecting concerns that escalating Middle East tensions may disrupt oil supplies. Brent crude futures jumped to their highest since September 17 and were last up 2.88 per cent at $68.16 a barrel. The Rupee weakened by 0.26 per cent to 71.5525 against the dollar. India, the world's third-biggest oil consumer, imports about 80 per cent of its oil needs, making it highly susceptible to crude price swings. "Iran will certainly retaliate ... Oil is likely to be on boil. Bad for large oil-importing countries, especially those with large trade and current account deficit like India," said Ajay Bodke, chief executive of portfolio management services at Prabhudas Lilladher Pvt Ltd in Mumbai. "Risk aversion would spike sharply. Investors may again find comfort in mega-caps and shun 'risky' small- and mid-cap equities." India's NSE Nifty 50 index, which tracks blue-chip equities, was down 0.35 per cent to 12,239.50 by 0425 GMT, while the benchmark S&P BSE Sensex fell 0.28 per cent to 41,512.38. Shares in oil refining, retail and telecoms group Reliance Industries Ltd, India's largest company by market value, fell 0.7 per cent, on concerns of falling margins due to the rise in oil prices. State-run oil producer Oil and Natural Gas Corp and gas suppliers GAIL gained roughly 2.4 per cent each. Shares in India's top two airlines also slumped due to the surge in oil prices. InterGlobe Aviation Ltd fell 1.8 per cent, while SpiceJet Ltd shed 4.4 per cent. Asian Paints Ltd, a Nifty 50 component, fell 1.4 per cent. Shares in IT services companies, which receive a bulk of their revenue from overseas and benefit from a weaker Rupee, gained. Infosys Ltd and Wipro Ltd climbed 1.5 per cent each, while Tata Consultancy Services rose 2.3 per cent. Meanwhile, India's central bank on Thursday announced another simultaneous purchase and sale of government bonds, the third such operation in recent weeks, moves seen as an attempt to bring longer-term yields lower.

Shares slip, rupee weakens as oil jumps after US airstrikes in Iraq

Indian stock market surge on the Finance Minister Nirmala Sitharaman's announcement. Sensex gains more than 1,000 points. Indian corporate tax rate lowest in south-east Asia. Watch this video to know more.

Finance Minister Nirmala Sitharaman's announcement to boost 'Make in India'

Foreign investors have pulled out close to Rs 400 crore from the Indian stock market in the last five trading sessions amid weakness in global equities due to the arrest of a high-profile Chinese executive.

This comes following a net inflow of over Rs 6,900 crore in the equity market by Foreign Portfolio Investors (FPIs) on easing crude oil prices and a strengthening rupee.

According to depositories, FPIs withdrew a net amount of Rs 383 crore from equities from December 3-7.

However, they put in Rs 2,744 crore in the debt markets during the period under review.

After making a spirited comeback in November, FPIs have once again turned net sellers in the Indian equity markets in the month of December.

"In fact, the sell-off was triggered on Thursday, December 6, when FPIs sold net assets worth Rs 361 crore in a single day. This could be largely attributed to the weakness in the global markets due to the arrest of a high-profile Chinese executive which led to a sharp fall in the stock markets globally," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India.

"Investors fear that the relationship between the world's two biggest economies<a href="http://www.wionews.com/world/trump-upbeat-on-china-talks-aides-downplay-huawei-arrest-friction-182381"> US and China&nbsp;</a>could deteriorate following the arrest and hurt economic growth. Consequently, they chose to adopt a cautious stance and shun risky assets, such as their investments in emerging markets like India, which are more susceptible to weak global cues," he added.

The sell-off by FPIs was triggered after Chinese telecom giant<a href="http://www.wionews.com/world/huaweis-meng-wanzhou-faces-us-fraud-charges-linked-to-iran-bail-hearing-continues-monday-182324"> Huawei's CFO Meng Wanzhou</a>, who is also the company founder's daughter, was arrested in Canada for extradition to the US for suspected Iran sanctions violations.

FPIs have pulled out over Rs 85,600 crore from the capital markets so far this year. This includes more than Rs 35,600 crore from equities and Rs 50,000 crore from the debt market.

Foreign investors have pulled out close to Rs 400 crore from the Indian stock market in the last five trading sessions amid weakness in global equities due to the arrest of a high-profile Chinese executive.

Foreign investors have pulled out close to Rs 400 crore from the Indian stock market in the last five trading sessions amid weakness in global equities due to the arrest of a high-profile Chinese executive. This comes following a net inflow of over Rs 6,900 crore in the equity market by Foreign Portfolio Investors (FPIs) on easing crude oil prices and a strengthening rupee. According to depositories, FPIs withdrew a net amount of Rs 383 crore from equities from December 3-7. However, they put in Rs 2,744 crore in the debt markets during the period under review. After making a spirited comeback in November, FPIs have once again turned net sellers in the Indian equity markets in the month of December. "In fact, the sell-off was triggered on Thursday, December 6, when FPIs sold net assets worth Rs 361 crore in a single day. This could be largely attributed to the weakness in the global markets due to the arrest of a high-profile Chinese executive which led to a sharp fall in the stock markets globally," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India. "Investors fear that the relationship between the world's two biggest economies US and China could deteriorate following the arrest and hurt economic growth. Consequently, they chose to adopt a cautious stance and shun risky assets, such as their investments in emerging markets like India, which are more susceptible to weak global cues," he added. The sell-off by FPIs was triggered after Chinese telecom giant Huawei's CFO Meng Wanzhou, who is also the company founder's daughter, was arrested in Canada for extradition to the US for suspected Iran sanctions violations. FPIs have pulled out over Rs 85,600 crore from the capital markets so far this year. This includes more than Rs 35,600 crore from equities and Rs 50,000 crore from the debt market.

FPIs pull out nearly Rs 400 crore in just 5 sessions on global cues

Market barometer Sensex rallied over 256 points to end at a near three-month high of 34,969.70 on Friday as the May derivatives series got off to a strong start.

Financial stocks led by Axis Bank, SBI and ICICI Bank hogged the limelight, rising by up to about nine per cent.

Global cues were positive on the back of a historic meeting between the leaders of North and South Korea.

The 30-stock Sensex opened positive and rallied to reclaim the 35,000-mark, touching the session's high of 35,065.37.

However, profit-booking at some counters trimmed the gains as the gauge settled 256.10 points or 0.74 per cent higher at 34,969.70 -- a level last seen on February 2 when it had concluded at 35,066.77.

The index had rallied 212.33 points in the previous session on the back of strong earnings amid positive global cues.

The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55.

The benchmarks gained for the fifth week in a row - their longest winning streak in a year. The Sensex surged 554.12 points, or 1.61 per cent, while the Nifty gained 128.25 points, or 1.21 per cent, during this week.

Meanwhile, global credit rating agency Fitch today affirmed India's sovereign rating at 'BBB-' with 'stable' outlook, saying that the country's medium-term growth potential is strong.

'BBB-' rating indicates lowest investment grade.

The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55.

Market barometer Sensex rallied over 256 points to end at a near three-month high of 34,969.70 on Friday as the May derivatives series got off to a strong start. Financial stocks led by Axis Bank, SBI and ICICI Bank hogged the limelight, rising by up to about nine per cent. Global cues were positive on the back of a historic meeting between the leaders of North and South Korea. The 30-stock Sensex opened positive and rallied to reclaim the 35,000-mark, touching the session's high of 35,065.37. However, profit-booking at some counters trimmed the gains as the gauge settled 256.10 points or 0.74 per cent higher at 34,969.70 -- a level last seen on February 2 when it had concluded at 35,066.77. The index had rallied 212.33 points in the previous session on the back of strong earnings amid positive global cues. The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55. The benchmarks gained for the fifth week in a row - their longest winning streak in a year. The Sensex surged 554.12 points, or 1.61 per cent, while the Nifty gained 128.25 points, or 1.21 per cent, during this week. Meanwhile, global credit rating agency Fitch today affirmed India's sovereign rating at 'BBB-' with 'stable' outlook, saying that the country's medium-term growth potential is strong. 'BBB-' rating indicates lowest investment grade.

Sensex climbs 256 points to end week at near three-month high

Stocks tripped over the growing worries about rise in interest rates and a global rout in equities on Friday, with the benchmark Sensex falling over one per cent to close at a one-month low and the broader Nifty crashing below the 10,500 level.

The 30-share Sensex closed lower by 407.40 points or 1.18 per cent at 34,005.76. This is the weakest closing since January 4 when it had ended at 33,969.64.

The broad-based Nifty fell by 121.90 points or 1.15 per cent to end at 10,454.95.

On weekly basis, the BSE Sensex recorded a steep fall of 1,060.99 points or 3.02 per cent while the broader Nifty lost 305.65 points or 2.84 per cent - their worst weekly fall since August.

&quot;Trend in global interest rates and the subsequent impact on inflation, global economic growth as well as flow of funds, influenced investor sentiment through the week,&quot; Karthikraj Lakshmanan, Senior Fund Manager Equities, BNP Paribas Mutual Fund.

&quot;A second straight weekly decline in jobless claims in the US pointed to a strong job growth momentum in the economy, thus perpetuating fears of higher inflation and consequently faster rate hikes in the US.&quot;

Rising global rates are likely to impact the flow of funds to riskier assets like emerging markets, experts said.

The sell-off followed another battering for Wall Street, where the benchmark Dow suffered its second-biggest daily points fall.

Banking and financials stocks took a beating on emerging concerns over interest rate hike following rise in bond yields. Both BSE Bankex and Nifty Bank indices dropped up to 1.76 per cent.

Yes Bank and ICICI Bank plunged by 2.84 per cent and 2.33 per cent, respectively.

Other laggards were HDFC Ltd, Infosys, Axis Bank, Kotak Bank, Bharti Airtel, SBI, Wipro, Tata Motors, HDFC Bank, Adani Ports, L&amp;T, IndusInd Bank, Hero MotoCorp, Maruti Suzuki, Bajaj Auto, ITC Ltd, RIL, M&amp;M, ONGC and NTPC which dropped up to 2.13 per cent.

In contrast, Tata Steel, Asian Paint, Dr Reddy&#39;s, TCS, Hindustan Unilever and Coal India emerged gainers by surging up to 1.83 per cent.

Sector-wise, the BSE banking index declined the most, losing 1.75 per cent, followed by finance 1.54 per cent, telecom 1.15 per cent, auto 0.95 per cent, teck 0.90 per cent, IT 0.77 per cent, capital goods 0.73 per cent, oil &amp; gas 0.72 per cent, infrastructure 0.60 per cent and PSU 0.50 per cent.

While metal, realty, power and consumer durables ended higher.

Broader markets, however depicted a mixed trend as the mid-cap index fell 0.09 per cent, while small-cap up 0.23 per cent.

In the Asian region, Japan&#39;s Nikkei down 2.55 per cent, Hong Kong&#39;s Hang Seng fell 1.09 per cent, while Shanghai Composite Index up 0.73 per cent.

The benchmark BSE Sensex fell 1.18% to 34,005.76, falling 3% on the week

Stocks tripped over the growing worries about rise in interest rates and a global rout in equities on Friday, with the benchmark Sensex falling over one per cent to close at a one-month low and the broader Nifty crashing below the 10,500 level. The 30-share Sensex closed lower by 407.40 points or 1.18 per cent at 34,005.76. This is the weakest closing since January 4 when it had ended at 33,969.64. The broad-based Nifty fell by 121.90 points or 1.15 per cent to end at 10,454.95. On weekly basis, the BSE Sensex recorded a steep fall of 1,060.99 points or 3.02 per cent while the broader Nifty lost 305.65 points or 2.84 per cent - their worst weekly fall since August. "Trend in global interest rates and the subsequent impact on inflation, global economic growth as well as flow of funds, influenced investor sentiment through the week," Karthikraj Lakshmanan, Senior Fund Manager Equities, BNP Paribas Mutual Fund. "A second straight weekly decline in jobless claims in the US pointed to a strong job growth momentum in the economy, thus perpetuating fears of higher inflation and consequently faster rate hikes in the US." Rising global rates are likely to impact the flow of funds to riskier assets like emerging markets, experts said. The sell-off followed another battering for Wall Street, where the benchmark Dow suffered its second-biggest daily points fall. Banking and financials stocks took a beating on emerging concerns over interest rate hike following rise in bond yields. Both BSE Bankex and Nifty Bank indices dropped up to 1.76 per cent. Yes Bank and ICICI Bank plunged by 2.84 per cent and 2.33 per cent, respectively. Other laggards were HDFC Ltd, Infosys, Axis Bank, Kotak Bank, Bharti Airtel, SBI, Wipro, Tata Motors, HDFC Bank, Adani Ports, L&T, IndusInd Bank, Hero MotoCorp, Maruti Suzuki, Bajaj Auto, ITC Ltd, RIL, M&M, ONGC and NTPC which dropped up to 2.13 per cent. In contrast, Tata Steel, Asian Paint, Dr Reddy's, TCS, Hindustan Unilever and Coal India emerged gainers by surging up to 1.83 per cent. Sector-wise, the BSE banking index declined the most, losing 1.75 per cent, followed by finance 1.54 per cent, telecom 1.15 per cent, auto 0.95 per cent, teck 0.90 per cent, IT 0.77 per cent, capital goods 0.73 per cent, oil & gas 0.72 per cent, infrastructure 0.60 per cent and PSU 0.50 per cent. While metal, realty, power and consumer durables ended higher. Broader markets, however depicted a mixed trend as the mid-cap index fell 0.09 per cent, while small-cap up 0.23 per cent. In the Asian region, Japan's Nikkei down 2.55 per cent, Hong Kong's Hang Seng fell 1.09 per cent, while Shanghai Composite Index up 0.73 per cent.

Sensex crashes 400 points on global rout, Nifty ends below 10,500

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