Indian equity benchmarks edge lower as Reliance, metals losses outpace consumer gains

India’s equity benchmarks inched lower on Wednesday as losses in Reliance Industries and metals overpowered gains in consumer stocks, while investors remained on the sidelines amid uncertainty over U.S. tariffs.

The Nifty 50 fell 0.18% to 25,476.1 points, while the BSE Sensex lost 0.21% to 83,536.08.

The broader small-caps rose 0.6%, while the mid-caps ended 0.1% lower.

Nifty 50 heavyweight Reliance Industries fell 1.2% after Reuters reported its telecom arm, Reliance Jio Platforms, will not launch an IPO this year as planned, delaying one of India’s most anticipated stock offerings.

In tariff-related news, U.S. President Donald Trump said on Tuesday that he would impose a 50% tariff on imported copper and roll out long-threatened levies on semiconductors and pharmaceuticals.

Trump also said the U.S. will “pretty soon” slap a 10% tariff on imports from BRICS nations, putting India directly in the crosshairs.

The president’s comments, however, did not move domestic markets apart from a 3.3% loss in Hindustan copper. The stock tracked lower copper prices after Trump’s tariff threats.

Financials lead Indian equity benchmarks higher; tariff jitters cap gains

“The surprise element regarding tariffs has run its course. Investors feel this is not something that needs a reaction immediately,” said U.R. Bhat, co-founder of Alphaniti Fintech.

Meanwhile, metals slipped 1.4%, dragged by losses in Vedanta and Tata Steel.

Vedanta fell 3.4% after Viceroy Research said it has taken a short position against the debt of Vedanta Resources, the UK-based parent of the Indian miner. Viceroy said the British firm is “systematically draining” its Indian unit.

Tata Steel dropped 1.8% after it reported weak volumes for the first quarter.

FMCG stocks rose 0.8% to lead sectoral gains. The rise was fuelled by Hindustan Unilever and Varun Beverages after Jefferies identified the stocks among its “contrarian” picks in India’s consumer sector.

“We see limited downside but a meaningful upside in case of a (turnaround),” it said.

Hindustan Unilever rose 1.3% and Varun Beverages rose 1.7%.