The Indian market is subdued in early trading Wednesday in line with Asian peers as investors continued to fret about the state of the European economy and the pace of global growth. Also, lingering concerns that interest-rate hikes could drag economic growth are prompting traders to unwind long positions ahead of the expiry of near-term F&O contracts tomorrow.
The 30-share BSE Sensex is currently trading near the day's low at 17,910, down 102 points or 0.56 percent while the broader Nifty index is down 30 points or 0.55 percent. The BSE mid-cap index is down 0.25 percent but the small-cap index is little changed. Realty, IT, capital goods and oil/gas stocks are bearing the brunt of the selling.
In the Sensex pack, DLF is down over 4 percent after its fourth-quarter consolidated net profit fell 19 percent year-on-year. Tata Steel is edging down 0.3 percent ahead of its quarterly results today.
Infosys is declining 1.3 percent after the IT major received a subpoena from a lower court in the U.S. asking it to provide information regarding sponsorships for, and uses of, B-1 business visas. Mahindra & Mahindra is down 0.7 percent after launching Scorpio Ex, a new entry-level offering from the Scorpio stable.
Telecom stocks are declining, with Bharti Airtel and Reliance Communication down about 1.5 percent each. Tata Power, TCS, Bajaj Auto, Jaiprakash Associates, Larsen & Toubro, NTPC and ICICI Bank are among the other prominent decliners.
On the other hand, commodity stocks such as Hindalco and Sterlite are posting modest gains. Mortgage lender HDFC is adding half a percent, FMCG player Hindustan Unilever is rising 0.6 percent and automaker Tata Motors is gaining 0.7 percent.
Stocks on the Move
Tata Global Beverages is tumbling 3.3 percent, extending its previous session losses, after the company said its chief executive officer Peter Unsworth had resigned for personal reasons.
Atul Auto, which is keen on acquiring the government's stake in loss-making three-wheeler maker Scooters India, is down a percent. Punjab National Bank is posting a modest 0.2 percent loss on reports that it is close to buying as much as 33 percent stake in MetLife India. Reliance MediaWorks is declining 1.4 percent after it proposed to consider a rights issue.
Indian Hotels is rising 1.7 percent on reporting a 57 percent rise in fourth-quarter net profit. Bharat Forge , which is increasing focus on its non-automotive business to improve margins and profitability, is gaining 1.4 percent.
Apollo Hospitals is up 0.6 percent on posting a 61 percent jump in quarterly profit. REC is adding 2.3 percent after its March-quarter consolidated profit rose 28 percent from a year earlier.
NMDC is edging up 0.2 percent after it agreed to acquire up to a 50 percent stake in the Australian iron ore firm Legacy Iron Ore for an undisclosed amount. Rain Commodities is up 0.7 percent after it set June 16 as the record date for a 5-for-1 stock split.
The benchmark indexes Sensex and the Nifty erased early gains to end flat Tuesday, as a rebound in commodities amid a weaker U.S. dollar and a buy recommendation from Goldman Sachs Group Inc. rekindled inflation and interest rate worries.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.