Share Market: Market breadth was weak as 1,176 shares were advancing while 2,038 were declining on BSE.New Delhi: The Indian equity benchmarks plunged sharply on Thursday as global markets slipped.

Asian shares fell to their lowest in more than 14 months, short-term U.S.

yields rose to 23-month highs and the dollar strengthened after the Federal Reserve's chairman signalled plans to steadily tighten policy.

Also, investors turned cautious on rising concerns over political tensions between Russia and Ukraine.

Back home, as of 12:28 pm, the 30-share BSE Sensex tanked 1,405 points or 2.43 per cent to 56,453; while the broader NSE Nifty nosedived 402 points or 2.33 per cent to 16,876.Mid- and small-cap shares were negative as Nifty Midcap 100 index was down 2.23 per cent and small-cap shares were trading 1.41 per cent lower.On the stock-specific front, HCL Technologies was the top Nifty loser as the stock cracked 4.61 per cent to Rs 1,071.95.

Titan, Wipro, Tech Mahindra and Eicher Motors were also among the laggards.

In contrast, Cipla, ONGC, Axis Bank and Indian Oil Corp were among the gainers.The overall market breadth was weak as 1,028 shares were advancing while 2,244 were declining on BSE.On the 30-share BSE platform, HCL Tech, Titan, Wipro, HDFC twins (HDFC and HDFC Bank), Tech Mahindra, Bajaj Finserv, Dr Reddy's, L-T, Infosys and TCS attracted the most losses with their shares sliding as much as 4.71 per cent.

Axis Bank and NTPC were among the gainers.Overnight, Wall Street's benchmark S-P 500 index lost 0.1 per cent after the Fed statement on expected rate hike.

Investors brace as many as four rate hikes this year, starting in March.In its latest policy update, the central bank indicated that it is likely to raise U.S.

interest rates in March and reaffirmed plans to end its bond purchases before launching a significant reduction in its asset holdings.The policy-sensitive U.S.

2-year yield jumped amid expectations of Fed tightening, rising to a top of 1.1780 per cent in morning trade in Asia, a level last reached in February 2020.

The benchmark 10-year yield also ticked up from Wednesday's close, rising to 1.8548 per cent from 1.846 per cent.Hong Kong's Hang Seng index and Australian shares fell 2 per cent and Chinese blue-chips were 0.2 per cent lower.

In Tokyo, the Nikkei fell 1.9 per cent, touching its lowest point since December 2020.On Tuesday, the domestic benchmark Sensex had surged 367 points or 0.64 per cent to settle at 57,858, while Nifty had finished 129 points or 0.75 per cent higher at 17,278.

Both the indexes, forex and bullion markets were closed on Wednesday.