Sensex, Nifty Edge Lower On Fed Concerns, Metal And IT Stocks Hit Hard
(RTTNews) - Indian shares opened on a tepid note Friday amid nagging concerns about the U.S. economy and the future pace of Fed rate hikes.
The benchmark S&P/BSE Sensex dropped 245 points, or 0.40 percent, to 60,562 in early trade, while the broader NSE Nifty index was down 70 points, or 0.4 percent, at 17,823.
Metal and IT stocks led losses, with Wipro, Tata Steel, Hindalco and HCL Technologies losing 1-3 percent.
Adani Enterprises tumbled 3.2 percent and Adani Power slumped 5 percent after index provider MSCI cut the free-float designations of four securities of the group and Norway's sovereign wealth fund said it has sold its remaining stake in the group companies.
LIC rallied 2.3 percent after posting multi-fold growth in Q3 consolidated net profit.
IRCTC fell 1 percent after reporting a 22 percent rise in Q3 net profit.
Zomato plunged 3.5 percent after its quarterly loss widened from last year.
Mahindra & Mahindra rose half a percent ahead of its earnings release.
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