Equity benchmarks opened lower on Friday, dragged by banks and financials and mirroring their Asian peers, as global risk sentiment remained subdued amid renewed worries over economic growth.

The NSE Nifty 50 index fell 0.4 per cent to 17,554.20, while the S&P BSE Sensex dropped 0.4 per cent to 58,868.69 in early trade

The US Federal Reserve's members' projections for aggressive hikes and persistently high rates over the next year or so has unleashed another round of dollar buying that put other assets on the run.

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The Nifty bank index was down 0.8 per cent, while the finance index dropped 0.9 per cent.

Shares of Mahindra and Mahindra Financial Services fell more than eight per cent after the Reserve Bank of India directed the company to stop using third-party services for loan recovery until further orders.

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