With a gap-down opening, benchmark indices began the trade on a weak note on Thursday extending their previous day’s decline amid a negative trend in global equity markets. Initial losses came in as the Federal Reserve announced a 75-basis point hike in benchmark interest rates.

Traders are watching for RBI Monetary Policy Committee (MPC) meeting. There is an expectation that MPC today discuss the failure to curb inflation

Also Read | How does a Federal fund rate hike work?

In early trade, the Sensex fell 420.95 points to 60,485.14. Similarly, the Nifty declined 123.65 points to 17,959.20.

However, both indices recovered most of their early lost ground. The Sensex quoted 81 points lower at 60,825.09 and the Nifty traded with a decline of 23.40 points to 18,059.45.

Tech Mahindra, Wipro, Tata Consultancy Services, Infosys, Nestle, and Power Grid Corp were the early Sensex pack laggards.

Also Read | Jamshed J Irani, known as Steel man of India, dies at 86

Among the winners were Titan, Axis Bank, Bharti Airtel, ITC, and Maruti.

Asian markets were trading mostly in red with the Nikkei 225 falling 15.53 points or 0.06% to 27,663.39, Taiwan Weighted dropping 148.10 points or 1.13% to 12,952.07, Hang Seng decreasing 520.54 points or 3.29% to 15,306.63, KOSPI falling 14.93 points or 0.64% to 2,321.94, Straits Times trembling 42.73 points or 1.36% to 3,098.40 and Shanghai Composite declining 18.94 points or 0.63% to 2,984.43.

Also Read | Did Jair Bolsonaro’s cannibal rhetoric, I’d eat an Indian remark, lose him Brazil polls?

Wall Street had ended significantly lower on Wednesday. The S&P 500 fell 96.41 points or 2.50%, to 3,759.69. The Dow Jones Industrial Average fell 505.44 points or less than 1.55% to 32,147.76. The Nasdaq fell 366.05 points or 3.36% to 10,524.80. The Russell 2000 index of smaller companies fell 62.25 points or 3.36% to 1,789.14.

On Wednesday, the Sensex ended 215.26 points or 0.35% lower at 60,906.09. The Nifty fell 62.55 points or 0.34% to settle at 18,082.85.

Also Read | Binance’s CZ confirms $500 million investment in Elon Musk’s Twitter deal

Foreign institutional investors (FIIs) have bought shares worth a net of Rs 1,436.30 crore, whereas domestic institutional investors (DIIs) sold shares worth a net of Rs 1,378.12 crore on November 1, as per data available on the NSE.

Also Read | Twitter delisted from New York Stock Exchange after Elon Musk acquisition

Brent crude, the international oil benchmark was trading 0.36% lower at USD 95.81 per barrel. The rupee fell 8 paise to 82.88 against the US dollar in opening trade on Thursday after the US Federal Reserve raised interest rates and maintained a hawkish stance.