CLOSING BELL: The S&P BSE Sensex and the Nifty50 indices hit fresh 52-week lows as they spiraled 2 per cent down

MARKET LIVE: Sensex down 1,000pts, Nifty tests 15,350; Metals, Realty bleed

<b>CLOSING BELL</b><br />
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<strong>Stock market highlights: </strong>A relief rally in the markets quickly evaporated as investors read through the fine print of the US Federal Reserve&#39;s policy statement.&nbsp;<br />
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	Worries that the Fed&#39;s 75 basis point rate hike, the highest increase since 1994, meant that war against inflation was just getting started, hurt sentiment. Besides, the nearly 100-percentage point downward revision in economic growth forecast for 2022 hinted at &quot;mild recession&quot;, said economists.<br />
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	<strong>ALSO READ:&nbsp;<a href="https://www.business-standard.com/article/finance/rupee-at-80-10-year-igb-at-8-the-five-bearish-forecasts-from-ubs-122061600578_1.html?1655372375" target="_blank">The five bearish forecasts from UBS</a></strong></div>
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	Against this backdrop, the frontline indices hit fresh 52-week lows as they spiraled 2 per cent down. The S&P BSE Sensex plunged 1,646 points from the day&#39;s high to end at 51,496, down 1,046 points from Wednesday&#39;s close. It hit a low of 51,434 during the day.&nbsp;&nbsp;</div>
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	The Nifty50 index hit a low of 15,344 during the day, before recovering marginally to close at 15,361, down 332 points. In the broader markets, the BSE MidCap and SmallCap indices declined up to 2.87 per cent.<br />
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	<strong>ALSO READ:&nbsp;<a href="https://www.business-standard.com/article/markets/ubs-expects-retail-flows-into-equity-markets-to-slow-amid-rising-rates-122061600556_1.html?1655369665" target="_blank">UBS expects retail flows into equity markets to slow amid rising rates</a></strong></div>
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	Cyclical sectors were the worst hit amid fears of a global slowdown with the Nifty Metal index cracking 5 per cent. The Nifty Realty, Auto, Bank, and IT indices fell over 2 per cent each.&nbsp;</div>
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Recession fears hit global mkts; Sensex drops 1,046 pts, Nifty below 15,400

Business Standard

Recession fears hit global mkts; Sensex drops 1,046 pts, Nifty below 15,400 | News on Markets - Business Standard

Powell says don't expect moves of 75 bps to be common

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		⚠️BREAKING:<br />
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		*POWELL: INFLATION DEVELOPMENTS WARRANTED BIGGER HIKE TODAY<br />
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		*POWELL: DON&#39;T EXPECT MOVES OF TODAY&#39;S SIZE TO BE COMMON <a href="https://t.co/ZRrUyNw7TT">pic.twitter.com/ZRrUyNw7TT</a></p>
	&mdash; Investing.com (@Investingcom) <a href="https://twitter.com/Investingcom/status/1537144207571402752?ref_src=twsrc%5Etfw">June 15, 2022</a></blockquote>
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SGX Nifty futures up 100 pts; likely gap-up for Nifty

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	<img align="left" alt="chart" class="imgCont" height="190" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-06/16/full/1655348943-774.PNG" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="chart" width="463" />
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		source: investing.com</div>
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Rupee weakens by 7 paise; closes at 78.07/$ Wednesday

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	<img align="left" alt="chart" class="imgCont" height="253" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-06/16/full/1655348721-7625.PNG" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="chart" width="532" />
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		source: bloomberg</div>
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Oil prices see uptick: Brent trades at $119.5 a barrel

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	<img align="left" alt="chart" class="imgCont" height="161" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-06/16/full/1655348408-1043.PNG" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="chart" width="321" />
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		source: oilprice.com</div>
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US equity futures trade higher as Fed says 75 bps hike unlikely beyond July

Asian markets move higher as Fed deliveres in-line rate hike

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	<img align="left" alt="chart" class="imgCont" height="177" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-06/16/full/1655348115-225.PNG" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="chart" width="447" />
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		source: finance.yahoo.com</div>
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European markets gained on Wednesday as ECB plans tool to cool bond rout

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	<img align="left" alt="chart" class="imgCont" height="384" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-06/16/full/1655347957-795.PNG" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="chart" width="596" />
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		source: Reuters</div>
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US markets snap 5-day losing run as Fed hikes rates by 75 bps

US Fed also assured the market that it would stay tough to combat inflation.<br />
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	<img align="left" alt="chart" class="imgCont" height="311" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-06/16/full/1655347779-3147.PNG" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="chart" width="587" />
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		source: Reuters</div>
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