The U.S. Federal Reserve raised interest rates by 75 basis points earlier this week and vowed to keep going until inflation was in check, in line with the monetary policy tightening stance by many central banks around the globe.

At the close of trade, the Dow Jones Industrial Average index stumbled 486.27 points, or 1.62%, to 29,590.41. The S&P500 index declined 64.76 points, or 1.72%, to 3,693.23. The tech-heavy Nasdaq Composite Index fell 198.88 points, or 1.8%, to 10,867.93.

For the week, the Dow slumped by 4%, while the S&P 500 and the Nasdaq plummeted by 4.7% and 5.1%, respectively.

All 11 &P 500 sectors finished the session in negative territory, with shares in energy sector suffered the most, down 6.8%, meanwhile consumer discretionary and consumer discretionary sectors fell more than 2%.

Energy stocks turned in some of the market's worst performances on the day amid a steep drop by the price of crude oil due to concerns about the outlook for demand. Gold stocks also moved sharply lower along with the price of the precious metal. Concerns about a global recession also contributed to substantial weakness among steel stocks. Airline, networking, and financial stocks also saw considerable weakness, moving lower along with most of the other major sectors.

Among Indian ADR, ICICI Bank fell 3.5% to $21.49, Azure Power Global shed 10.8% to $5.81, HDFC Bank fell 3.5% to $58.97, Tata Motors fell 3% to 25.47, and Dr Reddy's Labs fell 1.3% to $50.65. WNS Holdings fell 1.6% to $80.11, INFOSYS was down 0.4% to $16.61, and Wipro dropped 0.6% to $4.78.

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