Indian equity benchmark indices ended their relief rally seen post the US Federal Reserve 75 basis points (bps) hike, to finish at 13-month lows on Thursday amid selling across the sectors.

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Cyclical sectors were the worst hit amid fears of a global slowdown with the Nifty Metal index cracking 5 percent. The Nifty Realty, Auto, Bank, and IT indices fell over 2 percent each.

The Midcap index and Nifty Bank entered a bear market, down more than 20 percent from record highs hit in 2021. A bear market is used to describe when a stock index drop by 20 percent over a sustained period after a recent high.

At close, the Sensex was down 1,045.60 points or 1.99 percent at 51,495.79, and the Nifty was down 331.60 points or 2.11 percent at 15,360.60.

Hindalco Industries, Tata Steel, Coal India, Tata Motors and ONGC were among the top Nifty losers, while gainers were HUL, Nestle India and Britannia Industries.

Ajay Srivastava, CEO, Dimensions Corporate Finance Services said that this is not a market to sell into anymore as the fall in demand would be much faster than most people visualize.

"I think the Indian markets are now reaching a zone of capitulation. So now I have to change my call to say find a way to buy. All this action, all the depression, all the wealth destruction will ultimately lead to falling inflation rate no matter which way you put it. I think we rather wait patiently or if you can then dip into selective sectors.”

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First Published:Jun 16, 2022 4:05 PM IST