Indian shares opened lower on Wednesday, tracking weak global cues as U.S. Treasury yields hit new highs on expectations that the Federal Reserve will keep raising rates for longer than anticipated.
Russia’s nuclear rhetoric and the threat of world war also remained on the minds of investors.
The benchmark S&P/BSE Sensex fell 380 points, or 0.6 percent, to 60,293 in early trade, while the broader NSE Nifty index was down 112 points, or 0.6 percent, at 17,715.
Adani Enterprises slumped 4.7 percent to extend recent losses, while JSW Steel, UltraTech, Grasim and BPCL dropped 1-2 percent.
Adani Transmission fell 5 percent on news it will announce debt refinancing plans soon.
HDFC Bank dropped half a percent on fund raising reports.
One97 Communications gained 0.7 percent after it sought shareholder nod for related party transactions totaling Rs. 3,250 crore with Paytm Payments Bank.
IRB Infrastructure Developers jumped 4.4 percent on bagging a Rs. 2,132 crore build-operate-transfer project in Gujarat.
Lupin rose half a percent after launching a generic anti-psychotic medication in the American market.
Market Analysis
Sensex, Nifty Open Lower On Weak Global Cues
2023-02-22 04:20:03
