Indices open lower, nifty slips below 10,500 levels

MARKETS LIVE: Indices open lower, Nifty slips below 10,500 levels

The benchmark indices opened in red on Wednesday taking cues from key Asian markets.

The market participants will be looking forward to key economic data such as Nikkei Markit Manufacturing Purchasing Managers Index (PMI), Fiscal Deficit and Gross Domestic Product (GDP) to be released later in the day.

In the global markets, Asian shares faltered on Wednesday and bonds were sold off as risk appetite soured after comments from new Federal Reserve Chair revived fears about faster rate rises in the US. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent, on track for a second straight day of losses.

Japan's Nikkei eased 0.2 per cent while South Korea's KOSPI index ticked higher. Australian shares slipped 0.4 per cent.

New Federal Reserve Chair Jerome Powell noted in his semi-annual testimony on Tuesday that the US economy was strong, inflation was ticking higher and that the global backdrop was better than in December.

On Wall Street, the markets turned south on Tuesday with the Dow, the S&P 500 and the Nasdaq falling more than 1 per cent each.

ARTICLE SOURCE- BUSINESS STANDARD.