Indices fall hard for fourth day amid global equity rout, pull-back by FPIs

From this year's peak in January, both indices are down nearly 12 per cent

The benchmark Sensex and Nifty indices dropped for the fourth day in a row on Wednesday, extending their month-to-date decline to over 5 per cent amid a global equity rout and sustained pull-back by foreign portfolio investors (FPIs).

The US Federal Reserve’s (Fed’s) decision to aggressively hike interest rates and reduce balance sheets to catch up with inflationary pressures has wreaked havoc across risky assets in recent weeks. Add to that, global growth concerns due to China’s Covid-management approach and jump in commodity prices attributable to the disruption in supply chains caused by the Russia-Ukraine conflict.

The Sensex on Wednesday ended at