Sensex, Nifty Erase Opening Gains; ICICI Lombard Falls 3% On Debut

Equity benchmarks erased opening gains amid consolidation. The Sensex was down 33.93 points at 31,565.83 and the Nifty fell 15.25 points to 9,856.25.

About two shares advanced for every falling on the BSE.

The Federal Reserve needs to continue gradual rate hikes despite broad uncertainty about the path of inflation, Fed Chair Janet Yellen said on Tuesday in remarks that acknowledged the central bank's struggles to forecast one of its key policy objectives.

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