The market is pricing in a 45 basis points (bps) hike by Fed in its next meeting in May. For the full year, it is pricing in a 218 bps hike. The minutes of the last Fed meeting will be released later today.

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While S&P500 was down 1.26 percent, the NASDAQ was down about 2.26 percent. The 5-year yield was up 15 bps, the 10-year was up 15 bps and the 30-year was up 12 bps. These are massive moves for a single day. Oil was down under 1 percent.

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

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