Sensex reverses early gains and falls 372 points, while the Nifty settles below 16,000 points

Indian market benchmarks fell for the third straight day on Wednesday, led by index heavyweights Reliance Industries, Tata Consultancy Services, and the HDFC twins (HDFC and HDFC Bank).

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Indian market benchmarks fell for the third straight day on Wednesday, led by index heavyweights Reliance Industries, Tata Consultancy Services, and the HDFC twins (HDFC and HDFC Bank). Domestic indices fell, erasing previous gains led by a recovery in oil prices above the $100 per barrel threshold.

Brent crude fell $7 on Tuesday, falling below $100 a barrel for the first time in three months.

For years, supply-driven pricing pressures have been India’s scourge, and an increase in oil prices worsens imported inflation because the country relies on foreign energy for more than 80% of its needs and is the world’s third-largest importer.

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The 30-share BSE Sensex sank 372 points, or 0.69 percent, to 53,514, while the wider NSE Nifty slid 92 points, or 0.57 percent, to 15,967.

However, mid- and small-cap stocks ended on a positive note, with the Nifty Midcap 100 up 0.16 percent and the small-cap index rising 0.22 percent.

Seven of the fifteen sector indices reported by the National Stock Exchange finished in the red. Nifty Oil & Gas, Nifty Private Bank, and Nifty Financial Services all underperformed the NSE platform, sliding as much as 1.32 percent, 1.05 percent, and 0.97 percent, respectively.

Nifty Pharma and Nifty FMCG, on the other hand, gained up to 1.38 percent and 0.94 percent, respectively.

On a stock-by-stock basis, IndusInd Bank was the highest Nifty loss, falling 3.13 percent to Rs 820.50. The HDFC twins, Bharti Airtel, and Reliance were also laggards.

On the BSE, the overall market breadth was marginally positive, with 1,687 shares rising and 1,637 falling.

IndusInd Bank, Airtel, HDFC twins, RIL, TCS, Titan, HCL Tech, Bajaj Finserv, ICICI Bank, M&M, and Tech Mahindra were among the biggest losses on the 30-share BSE index, with shares falling as high as 3.42 percent.

Hindustan Unilever, Asian Paints, Kotak Mahindra Bank, Sun Pharma, NTPC, Nestle India, UltraTech Cement, ITC, Infosys, SBI, Axis Bank, and PowerGrid, on the other hand, had positive results.

Additionally, shares of Life Insurance Corporation of India (LIC), the country’s largest insurer and largest domestic financial investor, increased 0.24 percent to Rs 719.

On the global front, investors will now focus on the U.S. consumer price index, which is coming later in the day, to determine the Federal Reserve’s course of interest rate rises.