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Indian shares opened lower on Wednesday amid weaker global cues, as caution prevailed across markets ahead of the US Federal Reserve's rate decision later in the day.
The Nifty 50 was down 0.48 per cent to 18,061.42, while the S&P BSE Sensex lost 0.348 per cent in early trade.
Wall Street equities lost over one per cent overnight, dragged by banking and energy stocks ahead of the Fed rate decision, while Asian equities remained subdued.
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The odds of the Fed hiking rates by 25 basis points is at 86.7 per cent, as of 9.22 a.m., acording to the CME FedWatch tool.
The S&P BSE Sensex has risen 3 per cent over the last eight sessions, and closed at the highest level in over four months on Tuesday.
The Nifty 50 has risen for six consecutive sessions amid corporate earnings for March quarter, and is in overbought territory, with a relative strength index of 73.
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While the earnings and commentary on client spending from information technology companies were lacklustre, high-weightage financials have reported mostly strong results, two analysts said.
IndiGo airline operator Interglobe Aviation jumped over 7 per cent, while Wadia group stocks declined after Go First filed for bankruptcy on Tuesday.
Brokerage Credit Suisse said that the decision can benefit Interglobe Aviation and lead to higher market share.
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