On expected lines, the US Federal Reserve hiked the policy rate by another 75 basis points taking it to 3.25-4% from earlier 3-3.25%. FOMC is committed to taming inflationary pressure and hence maintained its aggressive approach towards monetary policy. The US market reacted to Fed's hike in a seesaw pattern, while Asian cues witnessed a drop including lacklustre demand in Indian equities. The reason behind the volatility in equities globally is due to Fed's embracing a more hawkish outlook than expected.
At home, Thursday's trading session was volatile with Sensex and Nifty 50 witnessing subdued demand before ending in the red. stocks gained traction however could not keep bears off the bay as IT and auto stocks majorly dragged the indices. Noteworthily, midcap and stocks edged higher amidst corporate results.