Amid weak global cues, Sensex and Nifty continue their decline for a fourth day
On Thursday, Indian equities benchmarks continued to decline for a fourth day in a row despite subpar cues from the international markets.

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On Thursday, Indian equities benchmarks continued to decline for a fourth day in a row despite subpar cues from the international markets. After consumer inflation in the United States climbed to a more than 40-year high of 9.1% in June, signalling an aggressive interest rate hike by the Federal Reserve, U.S. stock futures suffered. A higher rate hike to control inflation may cause the economy to enter a recession, therefore this concern caused most Asian markets to trade down as well.
However, oil prices dropped due to worries that a dramatic increase in U.S. interest rates could both curb inflation and decrease demand for crude. To $97.35 a barrel, Brent crude futures saw a 2.23 percent decline.
Domestic indexes also lost some of their early gains as wholesale price-based inflation (WPI) continued to be double digits for the fifteenth consecutive month. In June, the percentage was 15.18 percent. Investor confidence was also lowered by June’s retail inflation, which at 7.01 percent, continued to be above the Reserve Bank of India’s (RBI) upper tolerance limit for the sixth consecutive month.
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The larger NSE Nifty dropped 28 points or 0.18 percent to conclude at 15,939, while the 30-share BSE Sensex dropped 98 points or 0.18 percent to close at 53,416.
The Nifty Midcap 100 lost 0.09 percent, and small-cap shares down 1.14 percent, as mid- and small-cap equities concluded on a shaky note.
The National Stock Exchange’s 15 sector gauges, which were 13 out of 15, finished in the negative. Nifty PSU Bank and Nifty IT, two sub-indices, underperformed the NSE platform by as much as 2.21 and 1.58%, respectively.
Nifty Pharma and Nifty Auto, on the other hand, saw gains of up to 0.78 and 0.13 percent, respectively.
Axis Bank was the highest Nifty loser among individual stocks, falling 1.62 percent to 668.90. Among the laggards were HCL Tech, Hero MotoCorp, Tech Mahindra, and SBI.
Overall market breadth was negative, with 1,388 shares rising and 1,928 falling on the BSE.
On the 30-share BSE index, the following companies had their shares decline as much as 1.74 percent: Axis Bank, HCL Tech, SBI, TechM, TCS, Wipro, UltraTech Cement, ITC, Infosys, Bajaj Finance, HDFC Bank, and Bajaj Finserv.
Additionally, shares of Life Insurance Corporation of India (LIC), the largest domestic financial investor and insurer in the nation, declined 0.95 percent to close at 712.15 rupees.
Sun Pharma, Dr. Reddy’s, Maruti, Kotak Mahindra Bank, Titan, Reliance Industries, Nestle India, PowerGrid, Tata Steel, IndusInd Bank, NTPC, HDFC, and M&M, on the other hand, had positive financial results.