Amid a sharp spike in US bond yields and the depreciation of the rupee, the domestic benchmark indices declined for the sixth consecutive day on Wednesday, with the Sensex falling 509 points to end at 56,598.28 while Nifty50 ended at 16,858, down 148.80 points.

The 30-share Sensex fell 37.70 points to end at 57,107.52. Its broader peer, Nifty50, ended at 17,007.40, down 8.90 points. This was the 5th straight day of losses triggered after the Fed meet outcome on September 21.

Maruti Suzuki was the top loser from the 30-share pack, falling 5.49 per cent to Rs 8,830.60, Tata Steel declined 4.22 per cent, ITC was down 3.96 per cent, and Axis Bank declined 3.40 per cent. NTPC, Bajaj Finance, M&M and IndusInd Bank were among the stocks that settled with cuts.

Amid the ongoing selloff on Dalal Street triggered by US Fed’s hawkish than expected commentary, it is becoming tougher to buy stocks. While bank stocks are the worst affected, defensives like pharma, IT and FMCG are outperforming. Smallcaps are looking more vulnerable.

The 30-share Sensex declined 1020.80 points to end at 58,098.92. Its broader peer, Nifty50, ended at 17,327.35, down 302.45 points. Power Grid was the top loser from the 30-share pack, falling 7.93 per cent to Rs 202.60.

HDFC twins contributed over half to Sensex's loss today as traders dumped bank stocks. Nifty Bank and Nifty Financial Services each ended 1.4 per cent lower. IT and realty stocks were also under pressure while auto, FMCG, media, metals and pharma counters provided support to the market.

IndusInd Bank was the biggest loser from the 30-share pack, falling 3.19 per cent to Rs 1,223.90. Power Grid was down 2.64 per cent, UltraTech Cement declined 2.40 per cent, and L&T fell 1.88 per cent. NTPC, HCL Tech, Dr Reddys Labs and TCS were among the laggards.

The 30-share Sensex advanced 578.51 points to end at 59,719.74. Its broader peer, Nifty50, ended at 17,816.25, up 194 points.

M&M was the top gainer from the 30-share pack, gaining 3.05 per cent to Rs 1,288.70. Bajaj Finance was up 2.79 per cent, SBI increased 1.94 per cent, and HUL surged 1.92 per cent. Nestle India, Bajaj Finserv, HDFC and ITC also ended with gains.

Against the backdrop of such worrisome macroeconomic factors, should investors rethink their asset allocation strategies? To discuss this, ETMarkets spoke to Atanuu Agarrwal, Co-founder, Upside AI. He also lays out a plan for new investors.