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Sensex, Nifty Edge Lower; Private Sector Banks Fall On Profit Booking

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Sensex, Nifty Edge Lower; Private Sector Banks Fall On Profit Booking

The Indian equity benchmarks edged lower on Wednesday weighed down by selling pressure in recent outperforming private sector banks like ICICI Bank, HDFC Bank, HDFC, Axis Bank and Kotak Mahindra Bank amid weak cues from other Asian markets. Asian shares fell on Wednesday after data showing the biggest jump in US inflation in 13 years fuelled some market expectations that the Federal Reserve could exit pandemic-era stimulus earlier than previously thought.

The Sensex fell as much as 111 points to 52,658 and Nifty 50 index declined 23 points to 15,789.

On Wall Street overnight, stocks at first took the CPI data in stride, bidding up technology stocks that typically thrive with low interest rates, but major indexes ultimately closed lower.

The Dow Jones Industrial Average fell 0.31 per cent to 34,888.79, the S&P 500 lost 0.35 per cent to 4,369.21 and the Nasdaq Composite dropped 0.38 per cent to 14,677.65.

Back home, seven of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Bank and Private Bank indexes’ 0.35 per cent fall.