Mumbai: The Sensex on Thursday fell by more than 500 points and plunged below the 37,000-point mark in the afternoon trade. The slump came in the wake of the hawkish comments by US Federal Reserve which slashed the interest rates by 25 basis points.

The US Federal Reserve said it is “not the beginning of a long series of rate cuts” for the first time since 2008 after which the Indian equities fell in line with global markets.

The comments were made in the midst of a slowdown, taking the global investor by surprise and eventually leading to a sell-off.

At 12.08 PM on Thursday, the Sensex was trading at 37,013.06 which was 468.06 points lower. Meanwhile, it had hit an intra-day low of 36,976.97.

Notably out of the total Nifty 50 stocks, only eight traded in the green. The top losers of the day were Vedanta, Zee, Tata Motors, JSW Steel and Hindalco, which fell in the range of 3 to 5 per cent, while the gainers were Wipro, Infratel, Power Grid and Maruti Suzuki.

Meanwhile, Cafe Coffee Day shares hit the lower circuit for the third consecutive day after its founder V G Siddhartha mysteriously disappeared and was found dead on Wednesday.

The share value of CCD stock stood at Rs 110.95 apiece on Thursday.