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        * 
      FTSE 100 down 0.3%, FTSE 250 off 0.4%
    

  
       March 22 (Reuters) - London's exporter-heavy FTSE 100
opened lower on Wednesday, as the pound gained strength
following a hotter-than-expected UK inflation reading, with rate
sensitive real estate stocks leading declines.
    By 0808 GMT, the blue-chip FTSE 100 index fell 0.3%, after
gaining nearly 2% on Tuesday.
    Investors are also awaiting the U.S. Federal Reserve's
decision on monetary policy tightening later in the day.
    The pound  GBP=  rose sharply against the dollar after
British consumer price index (CPI) inflation unexpectedly rose
to 10.4% in February.
    Traders are now fully pricing in a 25 basis point interest
rate hike by the Bank of England at its monetary policy meeting
on Thursday.
    The more domestically-focussed FTSE 250 midcap index  .FTMC 
also shed 0.4%.
    The British Land Company  BLND.L  fell 5.0% after Morgan
Stanley reduced its price target on stock, taking the broader
real estate index  .FTUB3510  down 1.5%.

 (Reporting by Shashwat Chauhan in Bengaluru; Editing by Rashmi
Aich)
 ((Shashwat.Chauhan@thomsonreuters.com;))
 
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