Closing Update- Nifty settles below 10,500, Sensex drops 162 pts

Sensex, Nifty extended losses for second straight session on Wednesday weighed by global cues after new Federal Reserve Chair Jerome Powell hinted more rate hikes. The BSE Sensex was down 162.35 points at 34,184.04 and the NSE Nifty-50 fell 61.40 points to 10,492.90. Selling pressure emerged on private sector banks shares pulling the market lower, while Infosys and Reliance Industries capped losses. Sectorally, banking stocks with FMCG, metal, capital goods, power ended in the negative zone, falling up to 1.21%. 

Global markets were under pressure especially after New Federal Reserve chairman Jerome Powell in his first congressional testimony on Tuesday signalled that the Fed could keep raising interest rates to contain inflation. 

Nifty PSU Bank index fell 2.6% in early trade, before closing up 0.7%. Indian Bank, OBC, Syndicate Bank, PNB and Union Bank gained 2 to 7%, but SBI closed slightly higher. 

Nifty Bank index declined 1%. HDFC Bank, HDFC, Axis Bank and Yes Bank were down 1 to 1.8%. 

Shares of Infosys, UPL, Eicher Motors, Asian Paints, HPCL and Cipla stood among the top gainers on NSE while Vedanta, ICICI Bank, Hindustan Unilever, Indiabulls Housing Finance, Axis were among the top losers. 

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