Sensex Down 125 Points In Early Trade; Nifty Dips Below 10,350

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Indian shares opened notably lower on Thursday as investors digested a hawkish tone out of the FOMC's meeting minutes released on Wednesday.

Also, the Reserve Bank of India's (RBI) minutes for the latest policy meeting showed concerns about inflation, fueling speculation of a rate hike in August.

The benchmark BSE Sensex was down 125 points or 0.37 percent at 33,719 in early trade as traders square off their positions on eve of F&O expiry.

The broader Nifty index was down 48 points or 0.46 percent at 10,349.

Bharat Petroleum dropped 1.5 percent on fund raising reports.

Ambuja Cements, Aurobindo Pharma and Bosch fell between half a percent and 2 percent after they have been excluded from the Nifty 50 index.

Allahabad Bank tumbled 2.5 percent. The state-run lender said it has made required provisioning as per RBI norms for its exposure of Rs 516.79 crore to crisis-hit Rotomac group.

Biocon rallied 2.6 percent despite news that the U.S. FDA issued a Form 483 with six observations for its manufacturing facility in Malaysia.

Wipro rose half a percent. The IT major is setting up a Rs 220-cr manufacturing unit in Telangana.