Stocks slip as oil prices continue to soar; Fed says rate hikes on track

India’s benchmark indices slipped more than 2 per cent in intra-day trading on Wednesday, tracking weakness in global markets, as rising global oil prices continued to rattle investors. Concerns about the worsening of inflation, disruptions in global supply chains, and a slowdown in economic growth heightened as the Russia-Ukraine war entered the seventh day.

The Sensex fell as much as 1,227 points, or 2.2 per cent, before recouping some of the losses. The index ended at 55,469 with a decline of 778 points, or 1.4 per cent. The Nifty50 index, on the other hand, dropped to a low of 16,479, but managed to end the day at 16,606, down 1.1 per cent. Banking and automobile stocks fell the most, while commodity stocks gained.