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Asian Paints declines by 8%, the Sensex drops for a third day, loses 303 points, and the Nifty settl

The Nifty was down 99.40 points or 0.62 percent at 16,025.80 while the S&P BSE Sensex lost early morning gains and concluded 303.35 points or 0.56 percent lower at 53,749.26.

Selling pressure in equities associated with IT, pharmaceuticals, PSU banks, metals, and consumer goods weighed down the benchmarks. Examples of companies that had declined between 2% and 8% include Asian Paints, Adani Ports, Divis Labs, UPL, Tech M, Wipro, TCS, Apollo Hospitals, JSWS Steel, Infosys, Tata Motors, and M&M.

Positively, shares of NTPC, HDFC Life, SBI Life, Kotak Bank, Airtel, HDFC, Britannia Industries, and ONGC climbed between 1 and 4 percent, providing some assistance.

The BSE SmallCap index fell by almost 3%, and the BSE MidCap index dropped by nearly 2%, further bleeding the broader markets.

The Nifty IT index fell 3% as a whole, with individual stocks falling up to 7% after global brokerage Nomura downgraded the industry owing to an impending slowdown. In addition, the Nifty Realty index decreased by 2.7%, the Nifty Metal index by 1.7%, and the Nifty Auto index by 0.9%.

According to Vinod Nair, Head of Research at Geojit Financial Services, "Investors evaluated the possibility of a recession in the US followed by the Fed policy tightening as domestic indexes fluctuated reflecting conflicting views from the global markets. The release of the Fed minutes, which will be declinedanalyzedfor information on the trajectory of the impending rate hikes, is anticipated by markets around the world. Investors might turn to defensives, value stocks, and sectors in this volatile market.

Global Cues

In response to growing concerns that persistently high inflation may reduce corporate profitability, Wall Street stocks lost additional ground on Tuesday. In contrast to the Nasdaq, which sank 2.3%, the S&P 500 fell 0.8%. Due mostly to significant gains for McDonald's and UnitedHealth, the Dow Jones Industrial Average managed a 0.2% gain. Large technology and communications businesses contributed to the market's overall decline, though some of the selling subsided by late afternoon.

After US markets largely declined on growth-related worries following a profit warning from the owner of Snapchat that startled the tech industry, Tokyo equities opened lower on Wednesday. The broad Topix index was down 0.08 percent, or 1.56 points, at 1,876.70, while the benchmark Nikkei 225 index was down 0.13 percent, or 36.02 points, at 26,712.12.

Following a lackluster lead from Wall Street on Wednesday morning, Hong Kong shares began with little movement as investors worry about the effects of the US interest rate tightening. To reach 20,115.56, the Hang Seng Index increased by 3.46 points. The Shenzhen Composite Index on China's second market increased 0.18, or 3.43 points, to 1,925.90, while the Shanghai Composite Index hardly changed, falling 0.76 points to 3,070.17.

WTI and Brent Crude both gained about 1% in morning trading, closing at $114.6 and $111 per barrel, respectively.

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