Indian indices ended lower on Thursday, weighed by banks and financials after the US Federal Reserve pulled up the rate hike timeline to 2023 from 2024 earlier citing rising inflation.

The Sensex ended 178 points lower at 52,323 while the Nifty fell 76 points to settle at 15,691.

“Indian equities traded mirroring global peers after the optimistic comments by Fed acknowledging the strengthening of the economy. The rate hike has been advanced by a year to 2023 but is not the key point of issue to the market. While the fast normalization of the economy and strong job market can lead to a taper in bond-buying plan. This can lead to tightening of bonds yields which will impact the pricing of equity asset,” said Vinod Nair, Head of Research at Geojit Financial Services.

Meanwhile, India’s benchmark 10-year bond yield rose to up to 6.06 percent versus Wednesday’s close of 6.05 percent, while the rupee slipped 0.64 percent to 73.79 against the dollar, its weakest level since early May.

Broader markets were also in the red with the midcap and smallcap indices down 1.2 percent and 0.5 percent, respectively.

On the Nifty50 index, UltraTech Cement, TCS, Infosys, Asian Paints, and Tech Mahindra were the top gainers while Adani Ports, Hindalco, IndusInd Bank, Eicher Motors and NTPC led the losses.

Among sectors, Nifty Metal lost the most, down 2.4 percent while Nifty Bank, Nifty Fin Services, Nifty Auto, and Nifty Pharma declined 1-1.5 percent each. However, some losses were capped by gains in FMCG and IT sectors.

Adani Group stocks extended their decline for a fourth straight day, even after its companies earlier this week rejected a media report that said accounts of three foreign investor funds that own the Group’s stocks were frozen.Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Power were locked in 5 percent lower circuit each while Adani Ports and Special Economic Zone and Adani Enterprises shed 9 percent and 6.5 percent, respectively.