Benchmarks fall for 2nd day on inflation concerns

Mumbai: The BSE Sensex spiralled lower for the second straight session on Wednesday, weighed by heavy selling in banking and finance stocks, as global equities extended their losses on concerns that soaring commodity prices will trigger earlier-than-expected rate hikes.

The 30-share BSE benchmark slumped 471.01 points or 0.96 per cent to finish at 48,690.80.

Similarly, the broader NSE Nifty tumbled 154.25 points or 1.04 per cent to 14,696.50.

IndusInd Bank was the top laggard on the Sensex chart, shedding 3.35 per cent, followed by HUL, ONGC, ICICI Bank, Axis Bank, Kotak Bank, M&M, UltraTech Cement and Tech Mahindra.

On the other hand, Titan, Maruti, PowerGrid, SBI, NTPC, Dr Reddy's and L&T managed to close in the green, climbing up to 1.31 per cent.

Sector-wise, BSE metal, basic materials, bankex, oil and gas, energy and finance indices tanked up to 3.22 per cent, while the auto index settled with gains.

Broader BSE midcap and smallcap indices fell up to 0.90 per cent.

Meanwhile, international oil benchmark Brent crude was trading 0.50 per cent higher at $68.88 per barrel. Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they pulled out Rs 336.00 crore on Tuesday, as per provisional data.