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Sensex falls 509 pts, Nifty near 16,850; RIL, ITC shed 3%, pharma stocks up

CLOSING BELL: Among sectors, the Nifty Metal, and PSU Bank indices dipped 2 per cent each, while the Nifty Pharma index gained 0.6 per cent

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SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Sensex falls 509 pts, Nifty near 16,800; RIL, ITC shed 3%, pharma stocks up
CLOSING BELL

Stock market highlights: 
The bear-party, which started with the US (US Fed) hiking rates by 75 basis points last week, continued for a sixth straight day on Dalal Street on Wednesday. The S&P BSE fell 509 points to close at 56,598, while the Nifty50 ended 149 points lower at 16,859. Both the frontline indices fell 0.89 per cent each.

Axis Bank, ITC, Reliance Industries, HDFC twins, Bajaj Finserv, IndusInd Bank, Tata Steel, and SBI were the top large-cap losers, while Sun Pharma, Power Grid, Asian Paints, Dr Reddy's Labs, M&M, and Tech M climbed on the bourses. 

In the broader markets, the BSE MidCap, and SmallCap indices lost 0.4 per cent each. Among sectors, the Metal, and PSU Bank indices dipped 2 per cent each, while the Pharma index gained 0.6 per cent.

Taking stock :: ITC's rally to end?
ITC has been one of the best performing large-cap stock at the bourses thus far in calendar year 2022 (CY22), rallying nearly 52 per cent during this period and outperforming the sector benchmark – the S&P BSE FMCG index – by a wide margin that moved up around 17 per cent during this period. READ MORE

Sector analysis :: IT stocks
Rising concerns of a potential global recession, which investors fear can dampen demand for the export-facing domestic IT giants, has sent the index down over 30 per cent on a year-to-date basis. READ MORE

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