Why has market crashed today? Sensex down nearly 600 points, Nifty at 22,420

Sensex today: Both Sensex and Nifty extended losses today on profit booking amid weak global cues. The benchmark indices are on course to snap a five-day winning streak as Sensex fell close to 500 points in the day while Nifty shed almost 130 points. About 1,770 shares advanced, 1,435 declined and 90 were unchanged while Nifty bank, infra and auto were the biggest losers today.

Sensex today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)

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Broader market outperformed the benchmarks as BSE midcap rose 0.7 per cent, smallcap 0.4 per cent and Nifty midcap 100 index gained nearly one percent hitting a fresh high of 50,660.90.

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GMR Airports Infrastructure, Container Corporation of India, Mphasis, Ashok Leyland, Dixon Technologies (India), Biocon and Bharat Heavy Electricals were among the gainers today.

Stock market impacted by global cues?

Indian benchmarks were impacted by the US marke which fell after the country’s GDP grew at a slower-than-expected pace and showed persistent inflation. In the March quarter, the US economy grew at its slowest pace in nearly two years. Rising inflation moderated hopes that the US Federal Reserve would begin cutting interest rates this year.

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Moreover, number of Americans filing new claims for unemployment benefits unexpectedly fell showing tight labour market conditions. Additionally, investors will closely track March Personal Consumption Expenditures (PCE) index due to be released.

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