Domestic stocks opened on a subdued note as the key benchmark indices dropped on negative Asian stocks. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 163.23 points or 0.45% at 36,321.10. The Nifty 50 index was down 56.90 points or 0.52% at 10,910.40.

The S&P BSE Mid-Cap index was down 0.15%. The S&P BSE Small-Cap index was up 0.08%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 601 shares rose and 587 shares fell. A total of 43 shares were unchanged.

Overseas, Asian stocks declined Thursday following an overnight slide in US equities. The Bank of Japan's monetary policy decision is due Thursday, followed by a briefing from Governor Haruhiko Kuroda. A Bank of England decision is also Thursday.

US stocks dropped to a 15-month low after Jerome Powell failed to quell investor angst that the Federal Reserve's tightening policy will throttle economic growth. Investors had anticipated a less aggressive approach after U.S. stocks tumbled into a correction amid concern that global growth is slowing.

The US Federal Reserve raised interest rates on Wednesday, as expected, but forecast fewer rate hikes next year and signaled its tightening cycle is nearing an end in the face of financial market volatility and slowing global growth. The rate hike, the fourth of 2018, lifted the target range for the Fed's benchmark overnight lending rate by a quarter of a percentage point to a range of 2.25% to 2.50%.

Back home, Reliance Industries (RIL) fell 0.84%. With reference to news item quoting, DoT rejects RCom-Jio spectrum trading deal, RIL clarified after market hours yesterday, 19 December 2018, that the article pertains to the application for trading of spectrum in the 800MHz band filed by Reliance Jio lnfocomm, a subsidiary of the company, and Reliance Communications and Reliance Telecom. A correspondence was received from DoT with respect to the application and RIL is seeking appropriate clarifications in this regard.

Wockhardt rose 0.8%. Wockhardt announced that a meeting of the designated board committee will be held on 22 December 2018 to consider and approve raising of funds by allotment of 4% non-convertible non-cumulative redeemable preference shares (NCCRPS). The announcement was made after market hours yesterday, 19 December 2018.

Om Metals Infraprojects surged 14.27%. Om Metals Infraprojects said it has got a letter of acceptance for the work of planning, design, drawings and construction of Isarda Dam across Banas River in village- Banetha, district Tonk, Rajasthan on EPC basis including its operation and maintenance for 5 years. The value of work order is Rs 615.16 crore and has been awarded to the company by Water Resources Department, Government of Rajasthan. The announcement was made before trading hours today, 20 December 2018.

Cosmo Films advanced 6.3%. Cosmo Films said it recently launched sterilisable conduction sealing film for wad and lidding applications for PP and PE containers. This film can withstand high temperatures during sterilization process, which is used to increase the shelf-life of the product. The announcement was made after market hours yesterday, 19 December 2018.