Indian shares open lower on losses in Reliance; Fed meeting eyed

Wednesday,   16-Jun-2021   09:46 AM (IST)

Indian shares retreated from recent record highs on Wednesday, weighed down by heavyweight Reliance Industries and financial stocks, with investors awaiting the U.S. Federal Reserve's policy statement due later in the day. The blue-chip NSE Nifty 50 index fell 0.17% to 15,843.20 and the benchmark S&P BSE Sensex was down 0.16% to 52,683.13 by 0348 GMT. Both the indexes closed at a record high on Tuesday. In Mumbai trading, Reliance Industries Ltd, HDFC Bank Ltd and ICICI Bank Ltd were the top drags on the Nifty 50, shedding between 0.4% and 0.6%. Shares of Reliance have gained in the last five trading sessions out of eight. The Nifty Bank Index and the Nifty Private Bank Index have so far risen more than 0.60% this week. In the broader Asian market, shares were subdued on Wednesday, with investors looking to a much-anticipated Federal Reserve policy meeting to see if the central bank would signal any change to the U.S. monetary policy outlook. Many investors expect the Fed to maintain its dovish stance at its two-day meeting from Tuesday. Some Fed board members, however, have said the central bank should start discussing tapering its bond-buying.