Following a sharp sell-off in the previous session, Indian stocks fell further on Friday morning as major central banks said they would keep raising interest rates despite threats of a global economic slowdown.

The BSE Sensex fell 271.64 points to 61,527.39, while the broader NSE Nifty opened lower. Key laggards in the Sensex package include Tata Consultancy Services, Wipro, HCL Technologies, Infosys, ITC, Kotak Mahindra Bank and Mahindra & Mahindra.

Winners include Larsen & Toubro, Reliance Industries, Power Grid, Bharti Airtel, Axis Bank and UltraTech Cement.

Interest rates in Europe, the UK, Switzerland, Denmark, Norway, Mexico and Taiwan also rose on Thursday, following the US hike on Wednesday. Markets are concerned about a possible recession as the central bank pledges to keep raising rates until inflation is under control.

At the time, US data showed a slowing economy, with retail sales and factory output falling more than expected. The S&P 500 plunged 2.5% overnight on Wall Street, its most significant percentage drop in more than a month.

Despite the negative pressure from the rate hike, oil prices were on track for their biggest weekly gain since early October on reduced supply and signs that Chinese demand may improve. High oil prices harm a country like India, which imports most of its crude oil.