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Markets extend losses into 2nd day on rate hike fears, selling pressure in RIL, Infosys & L&T

Mumbai: Equity benchmarks Sensex and Nifty buckled under selling pressure for the second straight session on Friday as a bearish trend in global equities and concerns over rate hikes by central banks unnerved investors.

Besides, selling pressure in index majors Reliance Industries, Infosys and L&T also dragged the benchmark indices lower, traders said.

The 30-share BSE Sensex fell 259.52 points or 0.41 per cent to settle at 62,979.37. During the day, it tumbled 364.77 points or 0.57 per cent to 62,874.12.

The NSE Nifty declined 105.75 points or 0.56 per cent to end at 18,665.50.

Tata Motors was the biggest loser in the Sensex pack, skidding 1.77 per cent, followed by SBI, Power Grid, Tata Steel, Infosys, UltraTech Cement, Titan, Larsen & Toubro, Reliance Industries and Maruti.

On the other hand, IndusInd Bank, Bharti Airtel, Asian Paints, NTPC, HCL Technologies, HDFC and Sun Pharma were the gainers.

The rupee closed almost flat at 81.96 against the US dollar on Friday amid strong American currency against major rivals overseas and negative sentiment in equity markets.

The unit hit the intra-day low of 82.07 and a high of 81.96 during the day’s trade. The currency finally settled at 81.96 against the US dollar, registering a gain of 1 paise over the previous close. On Thursday, the rupee settled at 81.97 against the dollar.

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