U.S. stocks closed with modest losses on Wednesday, well off their intraday highs, after the Federal Reserve cut interest rates by 50 basis points, the high side of estimates for its first cut in more than four years.

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

Wall Street soared on Thursday with the Dow and S&P 500 hitting another intraday record high — a day after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.