Closing Bell: Nifty holds on to 17,800, Sensex declines by more than 550 points; IT stocks worst hit

The Indian market ended nearly 1% lower tracking weak global cues on Wednesday. Benchmark Nifty50 managed to close just above 17800 and barometer Sensex dropped about 600 points in the closing as fears of fed interest rate hikes, rising inflation and uncertainty around RBI monetary policy meet kept the market on the edge on Wednesday.  

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In the broader market, Nifty midcap gained nearly 0.5% and the small cap index managed to close in the green.  

IT, banking and financial services stocks were worst hit as metal, PSU Bank and oi & gas shares gained in a falling market.   

Coal India, BPCL, NTPC, Tata Steel, PowerGrid, Bharti Airtel, Nestle Indian and L&T gained in a weak market, while HDFC Bank, HDFC Ltd, HDFC Life, HCL Tech, Tech Mahindra, Infosys, TCS and Kotak Bank dragged the market.