The industrial production growth has slipped to 2 percent in April on account of dismal performance of manufacturing, mining and power sectors coupled with lower output of capital goods.

The rupee which has depreciated by 6 percent over the past month, is likely to stay "volatile" in the near term but the worst may be behind us, Bank of America Merrill Lynch said in a research note on Wednesday.

The headline inflation probably held near the central bank's comfort level of 5 percent last month, giving it room to ease policy, as commodity, food and fuel costs remained moderate, a poll found.

The Andhra Pradesh High Court on Tuesday approved the merger of Mahindra Satyam (MSat) with Tech Mahindra while dismissing the petitions of some shareholders seeking to stall the proposal in its current form so as to safeguard their financial interest.

Rupee recovered by 19 paise to 58.20 against Dollar in early trade on Wednesday at the Interbank Foreign Exchange market after RBI announced steps to check free-fall in Rupee, raising the limit for online repatriation of export proceeds by over three-fold to USD 10,000.

The BSE benchmark Sensex on Wednesday declined by over 90 points in morning trade on sustained selling by funds amid a weakening trend on other Asian bourses.

The Finance Ministry on Tuesday said it will take steps to increase foreign investment flows into the country to strengthen rupee and the regulators will act at appropriate time to contain the fall in domestic currency that touched a record low of 58.96 to a dollar.

Both the precious metals, gold and silver, on Tuesday surged on stockists buying as weak rupee raised concerns of increase in import costs. While gold spurted by Rs 415 to Rs 28,515 per 10 grams, silver surged by Rs 905 to Rs 44,690 per kg on rising demand from industrial units and coin makers.

Footwear and apparel brand Woodland has launched a special-edition t-shirt collection to raise funds for UNICEF's wash programme in the country.

The consumer inflation likely eased for the third straight month in May but remained high enough to be a headache for the central bank, which is under pressure to cut rates again next week after headline wholesale inflation cooled.