Indices came under pressure and tanked steeply, especially in the final hour, on Thursday. Indian investors shared the pessimistic sentiment with their global peers after Fed maintained its hawkish tone on Wednesday.

Sensex went below 62,000 to close at 61,800, a drop of 878 points. Meanwhile, Nifty closed below 18,500, at 18,414, and shed 245 points in the process.

All sectoral indices closed in the red with IT, Media, and PSU coming under tremendous pressure, each shedding around 2%.

Britannia and Hero MotorCorp were the only stocks to have registered a decent gain. Tech Mahindra shed around 4% followed by Titan, Infosys, Grasim and Eicher Motors, each dropping more than 2%.

Asian stocks ended in the red tracking overnight losses on Wall Street, as concerns around corporate outlook rose after the U.S. Federal Reserve projected continuing with interest rate hikes for a longer period.