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Key stock market indices extended losses for a second session on Wednesday led by financial stocks on worries over surging domestic inflation and the prospect of aggressive monetary tightening by the US Federal Reserve.
The NSE Nifty50 index was down 0.5 per cent at 17,862, while the S&P BSE Sensex fell 0.6 per cent to 59,815.71 in the opening session.
Oil marketing companies continued to raise pump prices on the back of elevated global crude prices, sparking inflation worries.
Fed Governor Lael Brainard said overnight that she expected a combination of interest rate hikes and a rapid balance sheet runoff to take the US monetary policy to a "more neutral position" later this year, pulling down global stocks.
The Nifty Bank index fell 1.2 per cent and the finance index dropped 1.1 per cent. Both the indexes were down for a second straight day after gaining more than 4 per cent on Monday.
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