Sensex, Nifty Decline For Second Straight Session Dragged By Metal Shares

Broader Asian markets extended a sell-off fueled by concerns that a potential pickup in US inflation could lead to interest rate hikes sooner than expected.

The Indian equity benchmarks fell for second straight session on Wednesday dragged by losses in metal, private sector banking, information technology and financial services shares amid weak global cues. The Sensex fell as much as 611 points to hit an intraday low of 48,550.72 and Nifty 50 index briefly dropped below its important psychological level of 14,650. The Sensex ended 471 points lower to close at 48,691 and Nifty 50 index declined 154 points or 1 per cent to settle at 14,696. Broader Asian markets extended a sell-off fueled by concerns that a potential pickup in US inflation could lead to interest rate hikes sooner than expected. Eight of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Metal index's 3 per cent fall. Nifty Bank, Financial Services, Private Bank and Information Technology indices fell over 1 per cent each.