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Benchmark indices opened lower on Thursday, following weak sentiment in other Asian markets on fears that the Federal Reserve will continue on its aggressive rate-hike path.
The NSE Nifty 50 index was down 0.44 per cent at 17,434, while the S&P BSE Sensex declined 0.38 per cent to 58,884.30 in early trade. Both indexes had risen for four straight sessions.
In broader Asia, Asia-Pacific shares, excluding Japan, fell to more than two-year low, while the yield on the 10-year U.S. Treasury note touched a fresh 14-year high.
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While demand prospects are good, overhang of cost pressures and concerns on spill over effects of global slowdown on Indian economy will remain headwinds for the companyForeign institutional investors sold a net ₹454 crore worth of Indian equities on Wednesday, while domestic investors bought net ₹908 crore worth of shares, as per provisional data available with the National Stock Exchange.
Among stocks, cigarettes-to-consumer goods maker ITC Ltd was up 0.29 per cent, ahead of its quarterly results.
Nifty's automobile and metal indexes were down 1.2 per cent and 1.09 per cent, respectively.
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