Sensex down for 4th day, dips 98pts; Nifty below 15,950; PSB, IT worst hit

CLOSING BELL: Axis Bank, HCL Tech, SBI, Tech M, TCS, Wipro, Infosys, and Ultratech Cement were the top large-cap laggards

CLOSING BELL

Stock market highlights: Frontline indices extended its decline into fourth day as global mood turned cautious amid 40-year high inflation in the US. Market watcher now expect the US Fed to hike rate by as much as 100 basis points in July meeting. Even a decline in Brent crude oil price to three-month low couldn't lift the sentiment.

The S&P BSE Sensex ended 98 points, or 0.18 per cent, lower at 53,416, while the Nifty50 index closed at 15,939, down 28 points or 0.18 per cent. In the broader market, the BSE MidCap and SmallCap indices slipped up to 0.56 per cent.

Axis Bank, HCL Tech, SBI, Tech M, TCS, Wipro, Infosys, and Ultratech Cement were the top large-cap laggards, while Barun Beverages, Oil India, Canara Bank, Mindtree, Birlasoft, and Ajmera Realty were the top draggers in the broader market.

Sectorally, the Nifty PSU Bank index declined 2 per cent, while the Nifty IT index eased 1.4 per cent. On the upside, the Nifty Pharma index added 0.78 per cent.