Equity benchmarks reeled for the fifth straight day to finish at over one-year lows on Thursday, in tandem with weak global equities, after the US Federal Reserve hiked rates by 75 basis points to tame surging inflation.
The US central bank delivered its biggest interest rate hike since 1994 and indicated further policy tightening this year as the focus shifts to taming price rise which has soared to over four-decade highs. The Fed also projected slowing US economic growth.
Across-the-board selling played havoc on the domestic indices, with index majors Reliance Industries and HDFC twins contributing most to the decline.