The Federal Open Market Committee (FOMC) has been hawkish, the statement was in-line with the expectations but the press conference is essentially the most hawkish it has ever been under US Fed Chairman Jerome Powell. So the statement signaled that the first rate hike is coming in March, as expected.

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Trade setup for Jan 27: More downside for Nifty ahead of F&O expiry? Check out key market cues before Thursday's session

The signal from the market, the S&P500 and the NASDAQ, is almost of a repeat of day before – 3 percent off from the highs on the S&P500, 2.5 percent off from the highs on the NASDAQ.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

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