By Malvika Gurung
Investing.com -- Indian equity benchmark indices ended the session lower on Wednesday, snapping the two-day winning run, as rising inflationary pressures grew concerns of aggressive rate hikes and slower global economic growth.
The European market made a weak opening on Wednesday, with Britain’s annual inflation rate soaring to a 40-year high in April 2022, led by skyrocketing energy costs.
This, in conjunction with the US Fed Chair Jerome Powell’s commitment to bringing the inflation under control by raising interest rates on Tuesday, marred investor sentiments, risking sharper monetary tightening.
Benchmark gauges ended marginally lower, with Nifty50 losing 0.12% and Sensex slipping 19 points or 0.12%. Pharmaceutical and FMCG stocks lent support to the market, while real estate and banking scrips pulled the sentiments lower.
On the Nifty50 index, Tata Consumer Products (NS: TACN ), Hindustan Unilever (NS: HLL ), UltraTech Cement (NS: ULTC ) and Shree Cements (NS: SHCM ) were the top gainers, rising 2-3.1% each, while PowerGrid Corporation (NS: PGRD ) and Bharat Petroleum (NS: BPCL ) were the top laggards, falling 3-5%.
Market experts advise investors to allocate shares of sectors less sensitive to rate hikes like the defense sector.
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