Sensex, Nifty Open Lower; HDFC Bank Shares Tumble Over 3%
(RTTNews) - Indian shares opened lower on Wednesday, tracking weak cues from global markets and amid concerns over rising oil prices.
Investors also awaited the U.S. Federal Reserve's monetary policy announcement later in the day for direction.
The U.S. central bank is widely expected to leave interest rates unchanged, with traders likely to pay close attention to the accompanying statement, updated economic forecasts and commentary around the path of inflation and future of monetary policy.
The benchmark S&P BSE Sensex slumped 425 points, or 0.6 percent, to 67,171 in early trade, while the broader NSE Nifty index was down 125 points, or 0.6 percent, at 20,007.55.
HDFC Bank tumbled 3.2 percent after Nomura downgraded the stock's rating and cut the price target, citing its merger with HDFC.
Reliance Industries fell about 2 percent. Reliance Jio's wireless broadband service went live with plans starting at Rs 599.
Britannia Industries, Apollo Hospitals Enterprise and BPCL declined 1-2 percent while ONGC, Tata Motors, Coal India, Mahindra & Mahindra and Axis Bank rallied 1-2 percent.
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