Sensex, Nifty Decline Ahead Of Powell's Testimony
(RTTNews) - Indian shares opened lower on Wednesday, tracking weak Asian markets and a decline in U.S. stock futures as investors awaited a key testimony by Fed Chair Jerome Powell due later in the day.
The benchmark S&P BSE Sensex fell 583 points, or 1.1 percent, to 51,949 in early trade, while the broader NSE Nifty index was down 183 points, or 1.2 percent, at 15,455.
Commodity-related stocks succumbed to selling pressure, with ONGC, Tata Steel, UPL, JSW Steel and Hindalco losing 3-5 percent.
HDFC Bank fell about 1 percent. The private sector lender said it plans to double its network of branches in the next three to five years.
YES Bank was down 0.7 percent after it launched a floating rate deposit scheme for domestic customers.
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