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Sensex, Nifty Follow Global Peers Lower
(RTTNews) - Indian shares opened lower on Tuesday, as Treasury yields climbed and the dollar strengthened on expectations of higher Fed fund rates.
Former Federal Reserve official William Dudley said on Monday it was likely interest rates could go higher even as U.S. unemployment started to creep higher.
The benchmark S&P BSE Sensex was down 545 points, or 0.9 percent, at 61,261 in early trade, while the broader NSE Nifty index dropped 164 points, or 0.9 percent, to 18,256.
Among the prominent decliners, Asian Paints, HCL Technologies, Eicher Motors, Tech Mahindra and Hindalco gave up 2-3 percent.
Dabur India tumbled 3 percent on reports that its promoters are looking to sell shares worth almost Rs 800 crore ($100 million) via a block deal.
Wipro fell 1.3 percent. Wipro Consumer Care said that it has acquired Kerala's packaged food and spices brand Nirapara for an undisclosed amount.
IRCTC slipped half a percent. State-insurer LIC has increased its stake in the company to 7.3 percent.
HDFC lost 1 percent after hiking its retail prime lending rate on housing loans by 35 basis points.
NBCC India gained 2 percent on winning a contract for construction of a new multi-storied quarter complex from Odisha Power Transmission Corporation.
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