Fed | The Federal Reserve pumped up its benchmark interest rate by three-quarters of a point for a fourth straight time on Wednesday to fight high inflation but also hinted that it could soon reduce the size of its rate hikes. It was the central bank’s sixth rate hike this year — a streak that has made mortgages and other consumer and business loans increasingly expensive and heightened the risk of a recession.

Wall Street | US stocks ended sharply lower on Wednesday, as comments from Fed Chair Jerome Powell shattered initial optimism over a Fed policy statement that raised interest rates by 75 basis points. The Dow Jones Industrial Average fell 1.55 percent, the S&P 500 lost 2.50 percent and the Nasdaq Composite dropped 3.36 percent.

Asian shares | Asian share markets slid on Thursday after the US Federal Reserve laid the groundwork for a protracted tightening campaign that torpedoed market hopes for a pause, sank bonds and lifted the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.9 percent, with South Korea down 1.5 percent. Japan's Nikkei was closed for a holiday, but futures were trading around 350 points below Wednesday's cash close.

SGX | On the Singapore Exchange, SGX Nifty, which is an indicator of how India's broader Nifty would perform, was trading almost a percent lower at 17,994 at 8:07 am. Nifty futures were trading 0.8 percent higher. (Image : Shutterstock)

Dalal Street | Indian equity benchmarks BSE Sensex and NSE Nifty50 halted a four-day winning run on Wednesday amid weakness in the heavyweight financial and IT spaces, though strength in the oil & gas basket kept the downside in check. Sensex and Nifty50 both declined 0.3 percent lower at close.

Rupee | The rupee depreciated 21 paise to close at 82.80 against the US dollar on Wednesday, tracking a muted trend in domestic equities ahead of the release of the US Fed's policy statement.

Oil | Oil futures fell early on Thursday as the dollar firmed on the Federal Reserve's hawkish stance, but concerns over looming supply risks kept a floor under prices. Brent crude shed 44 cents, or 0.5%, to $95.72 a barrel at 0146 GMT, while US West Texas Intermediate (WTI) crude futures retreated 59 cents, or 0.7 percent, to $89.41.

Gold | Gold prices edged higher with spot gold rising 0.2 percent to $1,638.32 per ounce, as of 6:48 am, after falling 0.8 percent on Wednesday.

Cryptocurrency | Bitcoin slipped 0.7 percent to $20,306 by 8:17 am while Ethereum dropped over 2 percent to $1,545.81.

Russia-Ukraine War | Russia failed on Wednesday to get the United Nations Security Council to establish a formal inquiry into its accusation that the United States and Ukraine have biological weapons programs in Ukraine, a claim that Washington and Kyiv deny.