Rate hike fears, crude oil prices spook D-Street; Sensex slips 1,024 pts

The domestic market has not just given up all post-Budget gains but also slipped into negative territory for the year

India’s benchmark indices fell for the third straight session on Monday as rate hike fears, rising bond yields, and high crude oil prices hurt investor sentiment, triggering risk-off bets. Most global markets traded weak, but India was the worst-performing market in Asia. European markets fell over 2 per cent following the European Central Bank’s (ECB's) surprisingly hawkish turn.

The Sensex fell as much as 1,346 points, or 2.3 per cent, before recouping some losses. The index ended the session at 57,621, a decline of 1,024 points, or 1.75 per cent. The Nifty, on the other hand, slipped 303 points, or 1.73