Indian shares track Asian peers lower on rate hike fears
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Indian shares opened lower on Thursday, following dour sentiment in other Asian markets for risky assets as U.S. Treasury yields surged on fears that the Federal Reserve will continue on its aggressive rate-hike path.
The NSE Nifty 50 index was down 0.44% at 17,434.75 as of 0347 GMT, while the S&P BSE Sensex declined 0.38% to 58,884.30. 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. [MKTS/GLOB]
Foreign institutional investors sold a net 4.54 billion Indian rupees ($54.71 million) worth of Indian equities on Wednesday, while domestic investors bought net 9.08 billion rupees 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%, ahead of its quarterly results.
Nifty's automobile and metal indexes were down 1.2% and 1.09%, respectively.
