Stocks spiraled lower for the second straight session Thursday after the US Fed hiked interest rates and struck a hawkish stance amid rising crude oil prices.


The BSE Sensex tumbled 218.10 points to 36,324.17, while the NSE Nifty dropped 76.25 points to finish below the 11,000-mark.


Moreover, September futures and options (F&O) expiry added to market volatility as investors offloaded their long bets instead of carrying them forward to the next series for October, brokers said.


Participants remained cautious after the government increased import duties on select goods to stem the rupee's fall and the RBI announced measures to ease liquidity concerns.


Global markets reeled after the US Fed raised interest rates for the third time this year Wednesday and said it foresees another rate hike in December, three more next year, and one in 2020. The BSE benchmark Sensex, after opening positive, advanced to a high of 36,711.62 on covering-up of short positions in select stocks. -- PTI