MARKET UPDATE:Sensex down 285 points at 60,469 while Nifty at 18,044 lower by 68 points

"High volatility is in store for markets in the coming days. Globally inflation is becoming a worse-than-expected threat and this is reflected in the sharp spike in US 10-year yield. The consequent correction in US markets has been sharp with Nasdaq falling by 2.6 per cent," say some experts.They also opnied that the sharp spike in crude is posing major threats to inflation and fiscal and current account balances back home.

"On the positive side, the Q3 results indicate a smart pick up in earnings. While, this strong fundamental can support the market, investors have to be cautious since at the current high valuations negative triggers can derail the rally", they say.

That apart, barring Nifty Metal and Oil & Gas index, rest of the sectoral indices were trading lower in the red zone led by IT and healthcare, down 1.6 and 0.8 per cent, respectively.

Among stocks, the shares of Bajaj Finance hit a record high of Rs 8,043.50, up 4 per cent on the BSE after the NBFC reported a strong 85 per cent year-on-year (YoY) jump in consolidated net profit at Rs 2,125 crore in the October-December quarter (Q3 of FY22), beating Street estimates.