Indian shares are drifting lower on Wednesday, tracking weak Asian cues as investors await the outcome of a two-day Fed policy meeting later in the day, with expectations the U.S. central bank will continue with quantitative easing for the time being. Japan's Nikkei index is rallying a percent, bolstered by encouraging exports data, while the major markets elsewhere are subdued.
Closer home, the benchmark Sensex and the Nifty are currently down about half a percent each, with oil/gas, auto and IT stocks leading the declines.
Tata Consultancy Services and HCL Technologies are subdued despite reports that they are among the front-runners to win an outsourcing contract from PepsiCo Inc. Axis Bank is declining 0.9 percent after its board approved the allotment of senior notes aggregating to $20 million.
NTPC is losing 1.6 percent and Coal India is moving down 0.7 percent on reports the long-pending dispute between them over the terms and conditions for signing fuel supply agreements is likely to be resolved. UltraTech, Tata Motors, ONGC and BPCL are down over a percent each.
Telecom stocks are extending recent gains even as Vodafone India cut 2G data charges by 80 percent in three circles. Idea Cellular and Bharti Airtel are up about a percent each, Reliance Communication is rallying 2.8 percent and Tata Teleservices is gaining 2.5 percent.
Religare Enterprises is climbing 2.5 percent after its promoters decided to dilute their shareholding to 49 percent to meet the guidelines for licensing of new banks in the private sector.
BHEL is gaining 0.9 percent on winning a Rs 450 crore contract for the energy efficient renovation and modernization of a thermal power unit in Maharashtra. IDFC is rising 1.7 percent after its board approved a proposal to seek RBI approval for setting up a bank.
Indian shares eased on Tuesday, with mixed global cues and fresh weakness in the rupee weighing on the markets. The benchmark BSE Sensex closed down 103 points or 0.53 percent at 19,223, while the broader Nifty index fell by 36 points or 0.62 percent to 5,814.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.