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Indian shares open lower as US rate worries add to geopolitical woes

Tuesday,   16-Apr-2024   09:37 AM (IST)

Indian shares opened lower on Tuesday as a slide in information technology stocks on receding bets of early U.S. rate cuts added to investors' concerns over the conflict in the Middle East. The Nifty was down 0.54% at 22,151.5 as of 9:20 a.m. IST, while the Sensex fell 0.59% to 72,863.72. U.S.-rate sensitive IT stocks dropped 1%, the most among the major sectors. Asian markets declined on Tuesday, following a lower close on Wall Street overnight, after stronger-than-expected U.S. retail sales data added to fading expectations of an early Federal Reserve rate cut. Riskier assets continued to remain under pressure due to geopolitical tensions after Iran launched explosive drones and missiles at Israel on Saturday.