U.S. stocks plummeted after the 50-basis-point by the Federal Reserve and signs that the rate hike cycle is not over yet. The S&P 500 declined 2.8%, while the tech heavy the Nasdaq 100 was nosedived 3.5%. Bonds joined the rout as the yield on 10-year Treasuries dropped five basis points to 3.43%.
Crude fell 0.3%, while gold futures were down 1.7%. Bitcoin dipped 2.4% to trade around $17,400-level.
Domestic benchmark indices closed in the red following Federal Reserve’s rate hike and signs that it was not done with its fight against inflation. While 19 of 20 BSE sectoral indices fell, only BSE Oil & Gas managed to close flat.
Rupee reversed gains against the U.S. dollar from yesterday to fall as much as 0.4% during the session and close near the day’s low.