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At the interbank foreign exchange, the rupee opened strong at 78.06 against the US dollar, then inched lower to quote 78.07, registering a rise of 15 paise over the last close. It was moving in a very tight range in early deals.

"Along with the highest rate hike in 28 years, Powell delivered the clear message that the Fed has the tools and resolve to achieve price stability. Also, the Fed is significantly reducing the size of its balance sheet. This has negative implications for equity markets globally. Any relief rally is unlikely to last long," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The Nifty Bank index was trading 0.13 per cent down at 33297.1.

Dalmia Bharat Ltd., incorporated in the year 2013, is a Mid Cap company (having a market cap of Rs 23602.83 Crore) operating in Cement sector.

A total of 107 shares changed hands on the counter till 12:02PM (IST)

On the technical charts, the 200-day moving average of the stock stood at Rs 246.39.

“We are advising clients to stay on the sidelines. SIPs can continue because it is a good market for everything given the fact that there is a decent amount of cut across sectors, but till volatility subsides and crude prices come down, it is still difficult to catch a falling knife. That is why we are advising clients to stay on the sidelines.”

The Nifty Pharma index closed 0.35 per cent up at 12261.35.

By 9.22 am, the BSE Sensex topped the 53,000 market and was trading 539 points or 1.03 per cent higher at 53,080.31. Nifty50 was trading at 15,840.95, up 149 points or 1.03 per cent. Midcap and smallcap indices rose up to 1.14 per cent.

The global cryptocurrency market cap moved up to the $961 billion mark, rising about 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume rallied about 26 per cent to $127.41 billion.