You might want to call this a Fed effect. Indian market fell by about 2% in the week gone by. What led to the price action? Yes, the US Fed's decision influenced equity markets as it continues to hold a hawkish stance in the future to combat hyperinflation. Given the recessionary concerns, the market may not have expected such an aggressive policy. A rapid increase in future interest rates combined with a slowing economy is unfortunate for the global market. In this scenario, the Reserve Bank of India (RBI) also raised the repo rate, and we may anticipate that the policy will remain in the future, albeit less hawkish.