The Indian equity indices opened lower on Thursday, tracking losses in global peers after the US Federal Reserve pulled up its timeline for rate hikes to 2023 from 2024 as inflation rises.
At 9:15 am, the Sensex opened 0.72 percent, or 379.73 points lower at 52,122.25, while the Nifty50 index opened at 15,648.30, down 119.25 points, or 0.76 percent.
Broader markets also reeled under selling pressure as the Nifty Smallcap100 and Nifty Midcap100 indices fell over half a percent each.
US Fed's new projections saw a majority of 11 Fed officials pencil in at least two quarter-point interest rate increases for 2023, even as officials in their statement pledged to keep policy supportive for now to encourage an ongoing jobs recovery.
Barring Nifty IT, all other sectoral indices traded in the red with the Nifty Metal, Nifty PSU Bank, Nifty Auto and Nifty Financial Services falling the most.
Adani Ports & SEZ, Hindalco Industries, IndusInd Bank, Bajaj Finance and Axis Bank were the top Nifty50 losers while TCS, HCL Technologies, Infosys, Nestle India and UltraTech Cement were the top index gainers.
Globally, Asian stocks dipped in Thursday morning trade, as investors watch for market reaction after the US Federal Reserve on Wednesday moved up its timeline for rate hikes.
In Japan, the Nikkei 225 shed 0.33 percent. South Korea’s Kospi declined 0.62 percent. The S&P/ASX 200 in Australia fell 0.14 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.54 percent lower.