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The benchmark 30-share S&P BSE Sensex slipped 84 points, or 0.23 percent, to 36,480 in the initial trade.
Indian benchmark equity indices opened slightly lower, in-line with broader Asian markets, after the US Federal Reserve's stance on future rate cuts disappointed investors. As expected, the US Federal Reserve cut rates by 25 basis points, but its chairman Jerome Powell signalled a higher bar for future rate cuts.
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The benchmark 30-share S&P BSE Sensex slipped 84 points, or 0.23 percent, to 36,480 in the initial trade. The Nifty50 dipped 27 points, or 0.25 percent, to 10,813.
The Nifty MidCap declined 0.20 percent. Bank, IT, finance, FMCG, auto and metal indices declined, while pharma and telecom counters advanced.
Among Nifty gainers, Bharti Airtel, Tata Motors, HDFC, HDFC Bank and Grasim rose by up to 1.7 percent. Zee Entertainment, Yes Bank, ICICI Bank, Tata Steel and Coal India shares slipped between 1 and 2.5 percent.
Bharti Airtel shares gained on reports that the telco aims to halve debt by March next year.
IDFC Bank shares surged 4 percent on reports that the lender will consider interim dividend on Saturday.
Zee Entertainment Enterprises shares slipped on reports that a Delhi High Court-appointed arbitrator has restricted Essel Group chairman Subhash Chandra from selling unpledged ZEEL shares till October 16.
In the currency market, the rupee opened lower at 71.34 against the US dollar after its Wednesday's close of 71.24.
In debt markets, the yields on the 10-year government bonds declined 0.36 percent at 6.60 percent from the previous close of 6.62 percent. Bond yields and prices move in opposite directions.
In the commodity markets, oil prices edged higher, as markets soothed by Saudi Arabia’s pledge to restore full production by end-September.
International Brent crude futures rose 8 cents to $63.68 a barrel by 0139 GMT while US West Texas Intermediate (WTI) crude was up 12 cents to $58.23 a barrel.
Meanwhile, foreign investors continued with their equity selling spree in the Indian market with foreign institutional investors (FIIs) offloading equities worth a net Rs 959.09 crore on Wednesday, provisional exchange data showed.
Elsewhere in Asia, the MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.36 percent. Hong Kong shares shed 0.96 percent, but Japan’s Nikkei rose 1.01 percent.
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-with inputs from agencies