Sensex down more than 300 points at 57,925, Nifty ends the day below 17,100 after US Fed rate hike

As the US Federal Reserve hinted at another 25 basis points rate hike despite the banking crisis, Sensex tanked more than 300 points to end the day around 57,925.

Nifty fell below 17,100 to end the day, as Adani Enterprises led the pack of losers and Hero Motocorp gained the most.

Banks and IT hit by global headwinds

Public sector banks, tech firms and real estate were among the sectors that performed worst to drag markets into red territory.

IT stocks have also remained under pressure because of concerns about demand from the US amidst a recession.

The State Bank of India and HCL Tech also joined Adani's flagship firm among the laggards on Thursday.

Global sentiment bogged down

Tracking global cues, Japan's stock market Nikkei was down 0.17 per cent before closing, while indices in China and Hong Kong were in the green.

The Bank of England is also set to raise interest rates further, with inflation surging beyond expected levels.

Apprehension about the moves by central banks in the region also kept European market sentiment subdued.

Divestment hits PSU

All sectors except FMCG, pharmaceuticals and metals were lagging behind, forcing Indian indices to snap their green run after two days.

HAL also dropped by 6 per cent after the government decided to sell a 3.5 per cent stake in the state-owned aeronautics manufacturer.