Sensex, Nifty Tad Lower On Weak Global Cues; IT Stocks Worst Hit

Indian shares were slightly lower in early trade on Wednesday after Fed Chair Jerome Powell told lawmakers the U.S. central bank would be prepared to reaccelerate the pace of rate hikes if the economy grows too quickly.

The benchmark S&P/BSE Sensex was down 156 points, or 0.3 percent, at 60,068 while the broader NSE Nifty index was down 50 points, or 0.3 percent, at 17,660.

Tech, financial and metal stocks led losses, with Bajaj Finance, HCL Technologies, Infosys, Tech Mahindra and Hindalco falling 1-2 percent.

Hero MotoCorp fell about 1 percent after signing an agreement with California-based Zero Motorcycles to co-develop premium electric motorcycles.

Hindustan Aeronautics climbed 2.3 percent and Larsen & Toubro rose over 2 percent on winning new contracts for aircrafts and ships.

Adani Group stocks were in focus on reports the conglomerate has prepaid share-backed loans totaling Rs. 7,374 crore ahead of their maturity in April 2025.

Adani Power and Adani Transmission both jumped around 5 percent, Adani Enterprises rallied 2 percent and Adani Ports rose about 1 percent.

Zee Entertainment Enterprises gained 1 percent after settling a dispute with IPRS.
Natco Pharma advanced 1 percent ahead of a board meeting to consider buyback of shares.

Yes Bank fell 2 percent as a three-year lock in expired for banks that acquired stakes in the bank as part of a restructuring.

LTIMindtree declined 1.7 percent as it announced the inauguration of a new delivery centre in Krakow, Poland.

Allcargo Logistics added 1 percent after its board approved a plan to buy 38.87 percent stake from its partners at Rs 373 crore.

Power Grid Corporation edged up slightly after its board approved investments worth nearly Rs 4,071 crore.