By Vivek Kumar M and Bharath Rajeswaran
(Reuters) -India’s benchmark indexes edged lower on Wednesday, dragged by a slide in ITC, even as broader sentiment stayed upbeat on positive global cues, while investors awaited the U.S. Federal Reserve’s policy minutes.
The Nifty 50 fell 0.30% to 24,752.45, while the BSE Sensex settled 0.29% lower at 81,312.32.
ITC, the sixth-largest stock on the Nifty 50, fell 3.2% after top shareholder British American Tobacco sold a 2.5% stake worth $1.5 billion at a 4.8% discount to its last close.
That drop pulled the Nifty FMCG index down 1.5%.
Metal index fell 0.6%, weighed by a stronger dollar after U.S. consumer confidence data surprised on the upside.
A strong dollar makes metals more expensive for holders of other currencies. [MET/L]
Still, five of 13 major sectoral indexes advanced, while the broader smallcaps rose 0.3% and midcaps were little changed.
“Much of the positive narrative appears priced in, limiting the near-term upside for domestic equities,” said Deepan Kapadia, chief investment officer of portfolio management services at Spark Capital PWM.
“Markets may see further consolidation ahead of the June 6 policy review, with liquidity surplus, hopes of a domestic rate cut and improving growth prospects balancing global trade uncertainty.”
Analysts said the Fed’s policy minutes, due later in the day, could offer direction to global equity markets, amid persistent inflation and fiscal concerns in the world’s largest economy.
Among individual stocks, Life Insurance Corporation of India jumped 8.1% after posting higher profit for the fourth quarter, helped by lower employee-related costs.
Belrise Industries listed at 100 rupees on the National Stock Exchange, a premium of 11.11% to its issue price of 90 rupees. The stock closed 8.2% higher in its debut session.
Aurobindo Pharma fell 3.6% on flat margins forecast for fiscal year 2026.
Bosch fell 2.6%, dragging auto index 0.7% lower, after posting a drop in March-quarter profit.
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Nivedita Bhattacharjee and Janane Venkatraman)
