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Sensex achieves a winning streak of four sessions with a drop of 224 points

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Benchmark Sensex fell 224 points on Wednesday, breaking the four-session winning streak, mainly due to sell-offs in IT and pharma counters amid mounting concerns about potential aggressive rate hikes to tame high inflation.



The 30-stock index recovered more than 1,200 points from early lows before settling at 60,346.97, a total loss of 224.11 points, or 0.37 percent, from Tuesday’s closing level.

The wider NSE useful closed lower 66.30 points or 0.37 percent at 18,003.75 points.

With higher-than-expected inflation reported in the US in August, there are now concerns that the US Federal Reserve is likely to implement aggressive rate hikes, pushing global markets into the red.

The Sensex was down 1,150 points to a low of 59,417.12 points on Wednesday, while the Nifty fell to a low of 17,771.15 points in early trading on Wednesday after deep losses in US markets.

Gains in banking stocks helped indices recover from early lows, but sales in IT, energy and pharma stocks limited gains.

infosys fell the most 4.53 percent among the Sensex scrips. TCSTech Mahindra, HCL Tech, L&T, wiproand Reliance were among the big losers.

IndusInd, PowerGrid, NTPC, SBI, Kotak Bank and HDFC twins advanced.

On the domestic front, wholesale price-based inflation declined for the third month in a row to 12.41 percent in August as the prices of manufactured items fell. However, August was the 17th consecutive month of double-digit wholesale price inflation.

Global equity markets also fell after overnight losses on Wall Street, as higher-than-expected inflation fueled fears of rate hikes. European benchmarks were slightly lower, while Asian markets showed stronger losses.

US inflation only slowed to 8.3 percent in August, from the 8.1 percent economists had expected.

Germany’s DAX lost 0.2 percent and France’s CAC 40 lost 0.3 percent, while Britain’s FTSE 10 lost 0.7 percent.

The Nikkei 225 benchmark in Tokyo lost 2.8 percent, the Hang Seng index in Hong Kong fell 2.3 percent and the Shanghai Composite index fell 0.8 percent.

Foreign institutional investors injected Rs 1,956.98 crore in domestic equities on Tuesday, according to data available from BSE.

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