Sensex and Nifty opened weaker along with global cues as markets across US to Asia fell after hawkish comments from the Fed Chair.
Broader Asian market gauge fell about 1% to a more than one-month low as yields shot up in anticipation of higher and faster hikes from the Federal Reserve.
Also read/watch| Fed fears spark sell-off, Powell braces for 50 bps hike, and more
Powell’s statements are critical as they come at a time when the US central bank is trying to tame inflation that is running at its fastest pace in more than 40 years.
News bases stocks such as Adani Ports on a new acquisition and HCL Tech on the back of strong earnings bucked the downside trend.