($1 = 82.8010 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Savio D'Souza)
+919769003463)) (Adds opening levels)
By Bharath Rajeswaran
BENGALURU, Feb 23 (Reuters) - Indian shares edged lower
at the open on Thursday as the investors continued to fret over
the likelihood of higher-for-longer interest rates and its
effect on economic growth.
The Nifty 50 index dipped 0.08% to 17,538.05, while
the S&P BSE Sensex edged 0.09% lower to 59,696.36 as of
9:20 a.m. IST.
Nine of the 13 major sectoral indexes fell, with
high-weightage financials dropping 0.25%.
The minutes of the Federal Reserve's latest meeting,
released late on Wednesday, indicated that a majority of the
members favoured smaller rate hikes in subsequent meetings.
U.S. markets, however, declined as a slew of macroeconomic
data since that meeting have kept fears of an aggressive rate
hike path intact.
The minutes of the latest Reserve Bank of India meeting, on
the other hand, showed a majority of the members reiterated that
it would be premature to lower the guard against inflation.
Among individual stocks, Zee Entertainment tumbled
7% after the National Company Law Tribunal admitted the company
to corporate insolvency resolution process, in a petition filed
by IndusInd Bank. The media index fell over 2%.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.