Sensex, Nifty Open Lower On Fed Worries

(RTTNews) - Indian shares opened in the red on Friday as hotter-than-expected U.S. producer price data dented hopes for an imminent rate cut by the Federal Reserve.

The benchmark S&P BSE Sensex was down 340 points, or half a percent, at 72,755 in early trade, while the broader NSE Nifty index was down 105 points, or half a percent, at 22,041.

State-run oil marketing companies BPCL, HPCL and IOC lost 3-6 percent after petrol and diesel prices were cut by Rs. 2 per liter across the country.

Axis Bank, Infosys, Mahindra & Mahindra and Coal India dropped 1-2 percent.

Shares of One97Communications jumped 5 percent after Paytm was granted a third-party application provider license by the country's payments authority.

L&T Technology Services rallied 2 percent as it secured a first-of-its-kind program in India worth around $100 million (INR 800 Crore) from Maharashtra State Cyber Department.

Railtel Corp soared 4.3 percent on bagging a work order worth Rs. 113.46 crore from Odisha Computer Application Centre.