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Gold prices have fallen about 1.3% in what has been a volatile week, and its worst since mid-May, after starting it near a one-month peak before hitting a four-week low on Tuesday. * The U.S. Federal Reserve announced its biggest interest rate hike since 1994 on Wednesday, as it scrambles to rein in soaring inflation.

"The slippage in U.S. yields and recession talk has undercut the DXY last couple days," Westpac analysts wrote in a client note, referring to the dollar index. "DXY slippage can extend to 102 near term, but the broader bull trend is not done, not with another 75bp Fed hike on the table in July."

The telecom department on Thursday issued a notice for holding the 5G spectrum auction-related pre-bid conference on June 20. The pre-bid conference is the first major event in the detailed auction timetable that is mentioned in the bid document.

"The yield curve is indicating an improvement in long-term growth prospects and an upshift in ex-ante inflation expectations. At the same time, the fact that the yield curve has become steeper and concave reconfirms expectations of tighter monetary policy in the period ahead," the researchers said.

Investors had quickly raised their expectations that the central bank would hike rates by 75 basis points (bps) over the past several days following a stronger than expected reading of consumer prices on Friday. It had previously been widely anticipated the Fed would announce a raise of 50 bps, a rapid swing in expectations that has triggered a violent selloff across world markets.

Confirming the development, Mohit Burman from the Burman promoter family said the open offer has concluded. “Our shareholding has now gone to 38.3%. We are happy with the outcome. We got 14.3% shares in the offer,” he said.

“However, the momentum readings on the lower time frame chart have reached the oversold zone and hence, a pullback move could be seen from the short-term supports in the near term,”

The stock traded at a P/E multiple of -18.4, while the price-to-book value ratio stood at 2.79.

The Nifty IT index closed 2.43 per cent down at 27136.45.

The Dow Jones Industrial Average dropped 2.4%, or 730 points, falling below the 30,000 mark and to its lowest level in over a year. The S&P 500 slipped 2.7% while the Nasdaq Composite slid 2.8%.