The US stock market’s reaction to the Federal Reserve’s half-point interest rate cut suggests that all-time high fatigue is still in play.

Nifty-50 index and the Sensex though hit record highs on Thursday, however, ended lower with gains of 0.15% and 0.29%

The market performed better if there wasn’t a subsequent recession or if the economy was already in recession during easing.

The Benchmark Indices on Wednesday after scaling new highs, however corrected to end with 0.16% decline ahead of FOMC meeting outcome. Analysts say markets will react on Thursday to the quantum of rate cuts as will take cues from the Fed commentary on further rate cuts.

Indian markets, Sensex and Nifty, surged in early trade following a global rally after the US Federal Reserve cut interest rates. JSW Steel, Tata Steel, Mahindra & Mahindra, Larsen & Toubro, Bajaj Finserv and Maruti were top gainers.