Sensex, Nifty fall as rate hike fears spook investors

PTI

Mumbai, September 14

Sensex slid 224 points and Nifty shed 66 points in volatile trade on Wednesday as fears of high inflation and aggressive interest rate hikes halted the four-day rally in the domestic equities amid sluggish global cues.

With global markets awash in red after the US inflation data for August spooked investor sentiments, the 30-share benchmark Sensex and the broader Nifty slipped below the key 60,000 and 18,000 levels, respectively, in the morning trade. As investors dumped IT, energy and pharma shares, gains in banking scrips helped the market in recovering the lost ground, with Sensex rebounding more than 1,200 points from the early lows to settle at 60,346.97 points. In comparison to the closing level on Tuesday, the key index shed 224.11 points on Wednesday.

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