Nifty hits 18-month low amid rate hike concerns

Nifty fell 1.64% to close at 22,231.80, while Sensex declined 1.44% or 1,045.46 points to 71,593.24. The market has been sliding for nine consecutive weeks, raising concerns about further losses. Surging oil prices are threatening to keep inflation elevated, trigger additional rate hikes, and prolong market pain.