Sensex, Nifty Subdued On Hawkish Fed Meeting Minutes

Indian shares traded slightly lower on Thursday after minutes from the Federal Reserve’s Jan. 30-31 meeting revealed most officials remain wary of cutting interest rates “too quickly,” fearing progress on inflation could stall out.

The benchmark S&P BSE Sensex was down 133 points, or 0.2 percent, at 72,489 in early trade while the broader NSE Nifty index was down 56 points, or 0.3 percent, at 21,998.

UPL, Hero MotoCorp, Power Grid Corp, Bharti Airtel and BPCL lost 1-2 percent.

Balrampur Chini Mills fell 1.3 percent and EID Parry declined 1.5 percent after the government approved the increase in fair remunerative price for sugarcane to Rs 340/quintal.

Wipro rose over 1 percent on securing a new deal from U.S. chipmaker Intel Foundry.

Eureka Forbes fell 1.2 percent after as many as 1.79 crore shares or 9.3 percent equity of the company changed hands in a block deal.

Bank of Baroda dropped 1 percent after raising Rs. 2,500 crores through its second tranche of Basel III compliant Tier 2 Bond.

HFCL shed half a percent after announcing plans to set up an optical fibre cable manufacturing facility in Poland.

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