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Indian shares end lower on losses in financials; Fed in focus
Photo Credit: Reuters

Indian shares ended lower on Wednesday, hurt by losses in heavyweight Reliance Industries and financial stocks, ahead of U.S. Federal Reserve's policy statement due later in the day.

The blue-chip NSE Nifty 50 index fell 0.64% to 15,767.55 and the benchmark S&P BSE Sensex was down 0.51% to 52,501.98 at close. Both the indexes ended at a record high on Tuesday.

Reliance Industries Ltd, HDFC Ltd and ICICI Bank Ltd were among the top drags on the Nifty 50, shedding between 0.8% and 1.7%. Shares of Reliance have gained in the last five trading sessions out of eight.

The Nifty Bank Index and the Nifty Private Bank Index, which have fallen between 0.10% and 0.13% so far this week, ended more than 0.68% lower each.

The Nifty Metal Index fell the most among other sub-indexes, ending 2.85% lower, dragged by Tata Steel Ltd and JSW Steel Ltd, which fell 2.7% each.

China announced plans on Wednesday to release industrial metals from its national reserves to curb commodity prices.

Globally, stock markets treaded water near record highs as investors watched for any hawkish signals from the conclusion of the Federal Reserve's two-day policy meeting. 

Many investors expect the Fed to maintain its dovish stance, while some Fed board members have said the central bank should start discussing tapering its bond-buying.

Among other notable stock moves in India, Adani Ports and Special Economic Zone Ltd fell 7.2% in the seventh consecutive session of losses. The company earlier this week rejected a media report that said accounts of three foreign investor funds that own Adani Group stocks had been frozen.

Indian fertilizer stocks including National Fertilizers Ltd and Chambal Fertilisers and Chemicals Ltd closed up 3.9% and 6.9%, respectively, after the Indian government approved additional 147 billion rupees ($2 billion) for fertilizer subsidies.

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