Sensex, Nifty Open Tad Lower As Metal Stocks Drag

Indian shares opened a tad lower on Wednesday, as investors awaited a slew of U.S. data and the latest FOMC meeting minutes this week for additional clues on when and where interest rates might peak.

Traders also shifted focus towards the upcoming quarterly earnings season, with IT giant TCS likely to unveil its earnings on January 9.

The benchmark S&P BSE Sensex dropped 223 points, or 0.4 percent, to 61,070 in early trade, while the broader NSE Nifty index was down 73 points, or 0.4 percent, at 18,159.

Metal stocks led losses, with Tata Steel, JSW Steel and Hindalco losing 1-3 percent.

SBI slipped half a percent on fund raising reports.

LTIMindtree declined 1.6 percent. Markets President Venugopal Lambu has resigned to "pursue opportunities outside the company.

NDTV dropped half a percent after the Adani's group said it would pay an additional Rs 48.65 a share to NDTV stockholders who tendered their shares in its open offer.

Avenue Supermarts fell over 2 percent. The DMart operator reported a 24.7 percent year-on-year increase in its revenue from operations during the December quarter.

IndusInd Bank shed nearly 1 percent. The private sector bank reported a 19 percent increase in advances for the December quarter.

Reliance Industries lost about 1 percent after its arm Reliance Consumer Products acquired a 50 percent stake in the Gujarat-based beverage company Sosyo Hajoori Beverages.

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