Benchmarks snap four-day rally as Federal Reserve's rate hikes roils global equities

Mumbai: Equity benchmarks lurched lower on Thursday after a four-session winning run, in lockstep with a sharp sell-off in world stocks after minutes of Federal Reserve's recent meeting indicated faster-than-expected rate

hikes.

The 30-share BSE Sensex slumped 621.31 points or 1.03 per cent to finish at 59,601.84. Similarly, the broader NSE Nifty plunged 179.35 points or 1 per cent to 17,745.90.

Tech Mahindra was the top laggard in the Sensex pack, shedding 2.56 per cent, followed by UltraTech Cement, Reliance Industries, HCL Tech, HDFC twins, Kotak Bank and Infosys.

In value terms, RIL, HDFC twins and Infosys accounted for over half of the benchmark's losses.

In contrast, IndusInd Bank, Bharti Airtel, Maruti, Bajaj Finance and Titan were among the gainers, rising up to 1.74 per cent.

Only seven of the 30 Sensex counters managed to close in the green.

Sector-wise, BSE realty, IT, energy, teck, finance and healthcare tumbled as much as 1.48 per cent, while telecom, auto, consumer durables and utilities logged gains.

In the broader markets, the BSE midcap index dipped 0.05 per cent, while the smallcap gauge inched up 0.01 per cent.

Meanwhile, international oil benchmark Brent crude rose 0.25 per cent to $81 per barrel.

The rupee on Thursday slipped 4 paise to close at 74.42 against the US dollar.