The Indian stock market began cautiously on Wednesday, reflecting a global trend as investors prepared for the Federal Reserve Chairman Jerome Powell's Congressional testimony and the European Central Bank's interest rate decision.
The Standard & Poor's Bombay Stock Exchange (S&P BSE) Sensex, a benchmark index, saw a minor increase of 40 points, reaching 73716 points. Meanwhile, the National Stock Exchange (NSE) Nifty, a broader index, slightly declined by 4 points, closing at 22352 points.
Stocks of Public Sector Units (PSUs) such as The National Thermal Power Corporation (NTPC), Bharat Petroleum Corporation Ltd (BPCL), Power Grid Corporation of India, and Oil and Natural Gas Corporation (ONGC) saw a decline of over 1 percent.
JM Financial saw a significant decrease of 14 percent in its shares following the Reserve Bank of India's (RBI) decision to prohibit the company from issuing loans against shares and debentures. The central bank cited grave concerns related to governance issues within the company and violations of regulatory guidelines.
Shares in Bharat Heavy Electricals (BHEL) fell by around 1 percent following clarification that it hadn't received any order from NTPC.
JSW Energy's shares declined by 1.1 percent after its subsidiary signed a battery energy storage purchase agreement with Solar Energy Corp.
On the back of large block deals, shares of online food delivery platform, Zomato, and global auto parts manufacturer, Samvardhana Motherson International, fell by 3.2 percent and 3.3 percent respectively.
Finally, Wipro's shares declined by 1 percent after its acquisition of a 27 percent stake in SDVerse LLC.
