Stocks skid for second day as hawkish Fed weighs; Bajaj Finance falls

Equity benchmarks buckled under selling pressure for the second straight session on Thursday as traders reduced their exposure to riskier assets after minutes from the US Federal Reserve's latest meeting indicated more rate hikes this year.
 

Continuous foreign fund outflows added to the selling pressure, market participants said.
 

Paring initial gains, the 30-share BSE Sensex tumbled 304.18 points or 0.50 per cent to close at 60,353.27.
 

Similarly, the broader NSE Nifty dipped 50.80 points or 0.28 per cent to end at 17,992.2.
 

Bajaj Finance was the top loser among Sensex constituents, plunging 7.21 per cent, followed by Bajaj Finserv, ICICI Bank, Infosys, Power Grid, Titan, Axis Bank, and Tech Mahindra.
 

In contrast, ITC, NTPC, Hindustan Unilever, Mahindra & Mahindra, Nestle India, Sun Pharma and Tata Steel were among the gainers, climbing as much as 1.91 per cent. The market breadth was negative, with 18 declines compared to 12 advances.
 

"Globally, investors are digesting the Federal Open Market Committee (FOMC) minutes with stock markets trading lower revealing that the Fed officials are determined to tame inflation by maintaining its aggressive stance. Financials led the losses in the domestic market, following dismal business numbers from NBFC leader.