Indian stock markets record massive losses post Federal Reserve's meeting indicative of interest rate hikes

The BSE Sensex ended on Thursday with a loss of 439 points at 27,643. It opened at 28,043, touched an intra-day high of 28,0.43 and low of 27,643.

The NSE Nifty closed with a loss of 135 points at 8,573. It opened at 8,672, hit an intra-day high of 8,682 and low of 8,541.

The Indian equity market opened lower amid weak global cues. The Nifty opened 37 points down at 8,672, while the Sensex opened 39 points down at 28,043.

The domestic market dropped the most since since September 29 after the minutes of the Fed meeting of last month showed several officials saying a rate hike was needed “relatively soon”.

ONGC, Infosys, Cipla, GAIL, Tata Steel and M&M were among the gainers on the index, whereas Tata Motors, HDFC, ICICI Bank, TCS and Sun Pharmaceuticals were seen losing sheen on BSE.

Asian markets opened flat after seeing huge gyrations in the last 3 days as strength in the US$ which hit 97.7 or a fresh 4 month high led to profit booking in equities.