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Stock market: Sensex tanks 250 pts, Nifty below 10,500

Market Now: Sensex, Nifty down; these stocks crack over 6%

Benchmark indices took a beating on Wednesday morning after Federal Reserve Chairman Jerome Powell’s on the US economy pushed bond yields higher and hurt equities the world over. While the Fed Chair hinted that the central bank would stick to its current path of gradual rate hikes, his comments during congressional testimony seemed to spook the market.

Shares of Keynote Corporate Services (down 7.52 per cent), LCC Infotech (down 6.67 per cent) and Bhagyanagar Properties (down 6.57 per cent) cracked over 6 per cent on NSE in morning trade on Wednesday, reflecting bearish sentiment of market.

Shares of Antarctica (down 5.56 per cent), Ruchi InfrastructureBSE -2.30 % (down 5 per cent) and Vakrangee (down 5 per cent) declined 5 per cent on NSE.

Benchmark indices were down, tracking global cues after Federal Reserve Chairman Jerome Powell’s on the US economy pushed bond yields higher and hurt equities the world over.

While the Fed Chair hinted that the central bank would stick to its current path of gradual rate hikes, his comments during congressional testimony spooked investors.

The NSE Nifty index was trading 66 points down at 10,489, while the BSE Sensex was 202 points down at 34,144 around 10 am (IST).

Among the 50 stocks in the Nifty50 index, 11 were trading in the green, while 39 were in the red.

Cipla, UPL, Dr. Reddy’s Laboratories, Sun Pharmaceutical Industries and InfosysBSE 1.11 % were among the gainers in the Nifty50 index, while Hindustan Petroleum CorporationBSE -3.46 %, ICICI Bank, YES BankBSE -2.49 %, Hindalco IndustriesBSE -1.92 % and Bharti Infratel were among the top losers.

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