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Markets fall for third straight day as US inflation hits 30-year high

The benchmark Sensex declined as much as 1.1 per cent, or 696 points, intra-day before recouping somewhat in the last hour

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FPIs on Thursday sold shares worth Rs 1,637 crore. Since October, they have pulled out over $3 billion from the domestic market | Photo: Bloomberg

Sundar Sethuraman Mumbai
India’s benchmark indices declined for a third straight day on Thursday as a surge in US inflation triggered risk-off bets. Investors started to price in the possibility of a sooner-than-expected rate hike by the US Federal Reserve (Fed). The annual inflation rate in the US hit a 30-year high in October, challenging the Fed’s ‘transitory’ narrative.

The Sensex fell as much as 1.1 per cent, or 696 points, intra-day before recouping some losses in the last hour. The index ended the session at 59,919, a decline of 433 points, or 0.72 per cent. The Nifty, on the other hand, dropped