New Delhi– The Indian equity indices declined on Wednesday and settled in the red.

Sensex settled at 56,819 points, down 0.9 per cent or 537 points, whereas Nifty at 17,038 points, down 0.9 per cent or 162 points.

“Market continued to be gripped by high volatility following a heavy selloff in the global markets led by elevated energy crisis and weak Chinese economic outlook underpinned by prospects of US rate hikes,” said Vinod Nair, Head of Research at Geojit Financial Services.

Investors are weighing the possibility of a global slowdown due to monetary tightening by central banks, lockdown in China and Russia -Ukraine war. “This has resulted in an outflow of funds from equity markets to safe havens,” Nair added.

Among the stocks, Bajaj Finserv, Bajaj Finance, Tata Consumers, Shree Cements, and Adani Ports were the top five losers among the Nifty 50 companies. (IANS)