The effect of moisture stress at pre-anthesis stage was studied in pot culture on metabolic changes and grain yield in wheat (HD 2428) under (VAM and/or Azospirillum brasilense) inoculated and noninoculated conditions. The photosynthetic rate, chlorophyll content, Nitrate reductase activity (NRA), Glutamine synthetase (GS) activity and grain yield decreased due to moisture stress but the reduction was comparatively low when both the inoculants were used in combination.