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Stock Market Updates: Sensex down 300 points, Nifty below 15,700; Bajaj Finance, M&M top draggers

Bajaj Finance and M&M were the top draggers in the Sensex pack, declining over 1 per cent, followed by IndusInd Bank, Axis Bank and HDFC Bank

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Indian benchmark indices opened lower amid weak global cues after U.S. Federal Reserve officials indicated that the central bank could begin rising interest rates in 2023, a year earlier than expected. At 09:18 hours, the 30-share BSE index was trading 241 points or 0.46 per cent lower at 52,260.54, and the broader NSE Nifty was down 81 points or 0.52 per cent to 15,685.65.

Bajaj Finance and M&M were the top draggers in the Sensex pack, declining over 1 per cent, followed by IndusInd Bank, Axis Bank and HDFC Bank.

On the other hand, Infosys and HCL Tech were among the gainers.

Sensex and Nifty fell off record highs on Wednesday amid intense selling in Reliance and HDFC twins as investors turned cautious ahead of the outcome of the US Federal Reserve's policy meeting.

Sensex ended 271.07 points or 0.51 per cent lower at 52,501. Nifty declined 101.70 points or 0.64 per cent to 15,767.

Foreign institutional investors (FIIs) emerged as net sellers as they sold shares worth Rs 870.29 crore on Wednesday, as per provisional data available on the NSE.