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Sensex tanks 988 pts in opening session; Nifty sheds 262 pts to trade at 17,015

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Equity benchmark Sensex opened more than 1,100 points or 2 percent lower on Thursday, tracking losses in index majors Titan, Wipro and the HDFC twins amid a softening trend in Asian markets.

Traders said the Fed’s hint that it would raise interest rates soon and continued foreign capital outflows weighed on sentiment.

The BSE indicator was down 1,155.61 points, or 2%, at 56,702.54 in early trade. Likewise, the Nifty fell 329.15 points or 1.91% to 16,948.80.

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Titan was the biggest loser in the Sensex portfolio, down 4.06%, followed by Wipro, Dr Reddy’s, HDFC Bank, Tech Mahindra and Infosys.

On the other hand, Maruti and NTPC are the winners.

Stocks, foreign exchange and gold markets were closed on Wednesday due to Republic Day.

On Tuesday, the 30-share BSE Sensex closed up 366.64 points, or 0.64%, at 57,858.15. Likewise, the broader NSE Nifty was up 128.85 points, or 0.75 per cent, at 17,277.95.

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The Federal Reserve said Wednesday that it may raise interest rates in March to fight inflation.

Elsewhere in Asia, stocks in Shanghai, Hong Kong, Seoul and Tokyo fell sharply in intraday trade.

The U.S. stock exchange ended the overnight session mixed.

Meanwhile, Brent crude, the international oil benchmark, rose 0.93% to $89.12 a barrel.

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Foreign institutional investors (FII) remain net sellers in capital markets, withdrawing Rs 7,094.48 crore on Tuesday, according to provisional data

Complete News Source : Hindustan Times

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