(RTTNews) – Indian shares were slightly lower in early trade on Wednesday after Fed Chair Jerome Powell told lawmakers the US central bank would be ready to resume the pace of rate hikes if the economy grows too fast. Were.
The benchmark S&P/BSE Sensex was down 156 points, or 0.3 per cent, at 60,068, while the broader NSE Nifty index was down 50 points, or 0.3 per cent, at 17,660.
Tech, financials and metal stocks were in the red, with Bajaj Finance, HCL Technologies, Infosys, Tech Mahindra and Hindalco falling 1-2 per cent each.
Hero MotoCorp fell nearly 1 per cent after it signed a deal with California-based Zero Motorcycles to co-develop a premium electric motorcycle.
Hindustan Aeronautics climbed 2.3 per cent and Larsen & Toubro climbed over 2 per cent on winning new contracts for aircraft and ships.
Adani Group shares were in focus on reports that the group has prepaid share-backed loans totaling Rs. 7,374 crore before their maturity in April 2025.
Adani Power and Adani Transmission both grew by about 5 per cent, Adani Enterprises by 2 per cent and Adani Ports by about 1 per cent.
Zee Entertainment Enterprises gained 1 per cent after settling the dispute with IPRS. Natco Pharma advanced 1 per cent ahead of board meeting to consider buyback of shares.
Yes Bank fell 2 per cent as there was a three-year lock in for banks acquiring stake in the bank as part of the restructuring.
LTIMindtree declined 1.7 percent as it announced the opening of a new distribution center in Krakow, Poland.
Allcargo Logistics added 1 per cent after its board approved a plan to buy 38.87 per cent stake from its partners for Rs 373 crore.
Power Grid Corporation gained marginally after its board approved investment of about Rs 4,071 crore.
The views and opinions expressed here are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.