Sensex, Nifty Decline As US Rate Cut Hopes Fade

(RTTNews) - Indian shares opened on a tepid note Wednesday as Middle East tensions intensified and prospects of an early Fed rate cut diminished.

The benchmark S&P BSE Sensex was down 278 points, or 0.4 percent, at 73,626 in early trade while the broader NSE Nifty index was down 79 points, or 0.4 percent, at 22,374.

Bajaj Auto, Sun Pharma, Britannia Industries, HDFC Life and Nestle India fell 1-3 percent in the Nifty pack while Tech Mahindra, Hindalco, ONGC and Shriram Finance climbed 1-3 percent.

UltraTech Cement gained 1 percent as it unveiled plans to invest up to Rs 32,400 crore in the next three years.

Yes Bank rose 1.4 percent after releasing its business update for the fourth quarter. ZEE Entertainment Enterprises added half a percent after MD & CEO Punit Goenka announced a 20 percent cut in his remuneration in a 'voluntary' decision.

JSW Energy climbed 1.5 percent on fund raising reports.

HCLTech edged up slightly after its arm completed divestment of 49 percent stake in JV with U.S.-based State Street for $172.5 million.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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