“The FOMC's decision aligned with market expectations as they implemented a 25bps hike and expressed a data-centric approach for future rate actions. Positive global sentiment prevailed due to the reduced prospects of a US recession. Despite this, the domestic market witnessed sharp correction led by banks and autos, while pharma stocks performed on a positive start to their earnings season,” Vinod Nair, Head of Research at Geojit Financial Services, said.