Indian shares open lower on fading US rate cut hopes

Indian shares opened lower on Friday, tracking Asian peers as hot U.S. inflation data eroded hopes of early Federal Reserve rate cuts, while the focus turns to the domestic earnings season with Tata Consultancy Services set to report later in the day.

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The NSE Nifty 50 was down 0.24 per cent at 22,700.35 as of 9:21 a.m. IST, while the S&P BSE Sensex shed 0.22 per cent to 74,880.15.

Seven of the 13 major sectors logged losses. The broader, more domestically-focussed small and mid-caps rose 0.3 per cent and 0.1 per cent, respectively, outperforming the blue-chip indexes.