India stocks seen down on subdued risk sentiment after hawkish Fed

(Reuters) – Indian shares are set to open lower on Thursday, tracking Asian peers, as risk sentiment is expected to be subdued after the U.S. Federal Reserve indicated it expected interest rates to remain higher for longer.

India’s GIFT Nifty was lower by about 0.2% to 19,857.5 points as at 7:58 a.m. IST on the NSE International Exchange.

The Nifty 50 closed 1.2% lower at 19,901.4 points on Wednesday, while the S&P BSE Sensex closed 1.2% down to 66,800.84 points, marking their worst one-day session in two months.

The benchmark indexes are down about 1.5% for the week after gaining nearly 2% and reaching all-time highs last week.

In the broader region, Asian stock markets took a hit as investors exited riskier assets to take refuge in the safe-haven greenback after the U.S. central bank struck a hawkish tone saying that its restrictive monetary policy is likely to continue through the next year. [MKTS/GLOB]

Foreign investors sold 31.11 billion rupees ($375.18 million) on a net basis on Wednesday, while their domestic counterparts sold 5.73 billion rupees, according to stock exchange data.


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($1 = 82.9200 Indian rupees)

(Reporting by Archishma Iyer; Editing by Janane Venkatraman)