Equity benchmark BSE Sensex plunged 581 points on
Thursday, following a global selloff after the US Federal Reserve indicated
policy tightening from March.

The 30-scrip index tumbled 581.21 points or 1.00% to
close at 57,276.94. Similarly, the NSE Nifty dropped 167.80 points or 0.97% to
close at 17,110.15.

Among sectoral indices, FMCG, realty, pharma and IT
indices ended in red droppinh 1-3%. PSU bank index was up by 4%, while auto and
bank indices rose 0.3-1.3%. BSE midcap and smallcap indices fell 0.71%.

Top Sensex losers were HCL Tech (-4.17%), Tech Mahindra (-3.66%),
Dr Reddy’s (3.42%), Wipro (-3.42%), TCS (-3.18%), Titan (-2.90%) and Infosys

On the other hand, Axis Bank (2.81%), SBI (2.75%), Maruti
(2.52%) and Kotak Bank (2.02%) were among the gainers.

Nifty top gainers were Axis Bank, SBI, Cipla, Maruti and
Kotak Bank. HCL Tech, Tech Mahindra, Dr Reddy, TCS and Wipro were among the

On Wednesday, US Federal Reserve indicated that there is
possibility to raise interest rates in March to fight inflation. After rate
hikes in the US, investors in emerging markets like India fear foreign capital

Asian market peers, Shanghai, Hong Kong, Seoul and Tokyo
ended sharply lower on account of the hawkish Fed stance.

European stock exchanges were largely trading in losses
in mid-session deals.

International benchmark for oil, Brent crude dropped
0.16% to USD 89.82 per barrel.

According to stock exchange data, Foreign institutional
investors (FIIs) remained net sellers in the capital markets, pulling out Rs
7,094.48 crore on Tuesday.