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Sensex, Nifty Open Lower As Fed Signals More Rate Hikes

Indian shares opened lower on Thursday after the U.S. Federal Reserve lifted short-term interest rate a quarter percentage point and forecast two additional rate hikes this year, citing a strengthening economy.

Disappointing current account data and reports suggesting that the Trump administration is preparing to proceed with tariffs on Chinese goods also weighed on markets.

The benchmark BSE Sensex was down 127 points or 0.36 percent at 35,612 in early trade, while the broader Nifty index was down 43 points or 0.39 percent at 10,814.

Among the prominent decliners, IOC, Axis Bank, Wipro, HPCL and SBI fell over 1 percent.

HDFC Bank rose half a percent after the Cabinet approved its proposal to raise Rs 24,000 crore in foreign direct investment.

ICICI Bank slid half a percent after its board approved the sale of a 2 percent stake in ICICI Prudential Life Insurance Company.

Lupin was slightly lower after launching Tobramycin Inhalation Solution USP, in the U.S. market.

Dish TV jumped over 2 percent as ace investor Rakesh Jhunjhunwala picked up 0.7 percent stake in the company.

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