Indian shares slip ahead of Fed decision, Paytm plunges
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BENGALURU - Indian shares inched lower on Wednesday as investors turned their focus to the U.S. Federal Reserve for signs on the pace of tapering, while recent debutant Paytm plunged after a lock-in period for institutional investors expired.
The NSE Nifty 50 index was down 0.18% at 17,293.9 by 0350 GMT, while the benchmark S&P BSE Sensex slipped 0.17% to 58,017.74. Both indexes were set for a fourth straight session of losses.
Investors were looking for clues on when the Fed will stop buying assets and start raising interest rates, while a rapid spread of the Omicron coronavirus variant also weighed on sentiment. [MKTS/GLOB]
One97 Communications, parent of digital payments firm Paytm, dropped 13% to its lowest since Nov. 22, following a dismal market debut on Nov. 18.
(Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)
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