MUMBAI: Indian shares were subdued on Wednesday as investors were cautious ahead of the US Federal Reserve’s decision on interest rates and its impact on the world’s largest economy, while energy stocks fell after clocking gains recently.
The NSE Nifty 50 index was down 0.2 percent at 15,698.4 by 0408 GMT, while the BSE index fell 0.2 percent to 52,602.4.
The Indian government on Wednesday gave final approval to a proposal for directly allocating airwaves to enterprises, paving the way for them to operate private 5G networks.
The government also said it would hold the 5G spectrum auction by the end of July. The auction is expected to see participation from the country’s three main carriers — Vodafone Idea, Bharti Airtel Ltd. and Reliance Industries Ltd’s Jio.
Indian wheat exports
The UAE has ordered a four-month suspension of exports and re-exports of wheat and wheat flour originating from India, the world’s second biggest producer of the grain, state news agency WAM said on Wednesday.
The Gulf nation’s Economy Ministry cited interruptions to global trade flows as the reason for the move, but added that India had approved exports of wheat to the UAE for domestic consumption.
India banned wheat exports in a surprise move on May 14, except for those backed by already issued letters of credit and to countries seeking to ensure food security. Since then, it has allowed shipments of 469,202 tons of wheat.
Companies wishing to export or re-export Indian wheat brought into the UAE before May 13, when India’s suspension began, must first make an application to the Economy Ministry, it said in a statement.
The UAE and India signed a broad trade and investment pact in February that seeks to cut all tariffs on each other’s goods and aims to increase their annual trade to $100 billion within five years.
(With input from Reuters)