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Sensex, Nifty Plunge On Rate Hike Concerns

Indian shares tumbled on Friday as global markets fell for a third consecutive session on fears of a possible global recession.

It is feared that rising U.S. bond yields and a robust dollar in the wake of aggressive policy action by major central banks, including the U.S. Federal Reserve, may influence FIIs to flee emerging markets.

The rupee slipped below the 81-mark against the dollar for the first time, adding to concerns over a slowdown in portfolio inflows.

The benchmark S&P BSE Sensex ended the session down 1,020.80 points, or 1.73 percent, at 58,098.92 while the broader NSE Nifty index settled down 302.45 points, or 1.72 percent, at 17,327.35.

Power Grid Corp led losses to close about 8 percent lower while NTPC, Adani Ports, Apollo Hospitals and Hindalco lost 3-4 percent.

Pharma stocks attracted buying, with Cipla, Sun Pharma and Divis Laboratories rising 1-2 percent.

Tata Steel gained 0.8 percent after the company approved the amalgamation of seven subsidiaries with itself.

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