India's stock benchmarks declined, tracking a slide in global equities as investors weigh more rate hikes by central banks until inflation is brought under control.
The Sensex fell as much as 0.63%, or 360 points, to 57,065.13 as of 1 p.m. The 30-stock gauge dropped more than 550 points to an intraday low of 56,875.05. The Nifty 50 fell 0.67% to 16,980.30.
The benchmarks were dragged by losses in FMCG, banking and auto stocks. Healthcare, energy, telecommunication and oil & gas rose.
Of the Nifty 50 constituents, 17 stocks rose, while 33 fell.
Oil & Natural Gas Corp., NTPC Ltd, Coal India Ltd., Divi's Laboratories Ltd. and Cipla Ltd. were among the top Nifty 50 gainers. Adani Enterprises Ltd., Eicher Motors Ltd., Maruti Suzuki Ltd., Kotak Mahindra Bank and Hindalco Industries Ltd. declined the most among the index members.
The broader indices outperformed their larger peers. The mid-cap gauge lost 0.1%, while the small-cap index gained 0.2%. Fifteen of the 19 sectoral measures compiled by the BSE declined.
The market breadth was skewed in favor of the bulls. About 1,724 stocks rose, 1,642 fell and 191 remained unchanged.
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