Stock Market Today: Nifty, Sensex Snap Two-Day Winning Streak As Tata Motors, HDFC Bank Weigh

The benchmark indices snapped a two-day gain, led by a drag in Tata Motors Ltd. and HDFC Bank Ltd., as markets await US inflation data set to be released on Wednesday.

The NSE Nifty 50 closed 122.65 points, or 0.49% lower, at 24,918.45, while the S&P BSE Sensex ended lower by 398.13 points, or 0.49%, at 81,523.16.

The Nifty fell as much as 0.62% to 24,885.15, and the Sensex declined 0.61% to hit an intraday low of 81,423.14.

"The domestic market experienced a minor consolidation in line with Asian peers due to correction of commodity prices like crude which has collapsed to $70," said Vinod Nair, head of research, Geojit Financial Services.

"Market sentiment remained cautious due to the slowdown in the Chinese economy. Investors await the release of the US CPI and domestic inflation data. It is anticipated that US inflation will have an uptick in monthly data, while domestic inflation is expected to remain stable," he said.

Shares of Bajaj Auto Ltd., Asian Paints Ltd., and Bajaj Finance Ltd. led the gains on the Nifty.

Shares of Tata Motors Ltd., and Reliance Industries Ltd. weighed on the index.

Most sectoral indices on the NSE declined, with Nifty Oil & Gas falling the most.

Except BSE FMCG and BSE Consumer Durables, all 18 sectoral indices on the BSE ended lower. BSE Oil & Gas fell the most.

Broader indices also ended lower. BSE Midcap fell 0.52% and BSE Smallcap closed 0.57% lower.

The market breadth was skewed in the favour of sellers. Around 2,345 stocks fell, 1,619 advanced, and 107 remained unchanged on the BSE.

• The local currency settled flat against the US dollar at 83.97 on Wednesday. 

• It closed at 83.97 a dollar on Tuesday.

Source: Cogencis

• The NSE Nifty 50 and BSE Sensex snapped a two-day winning streak on Wednesday.

• The Nifty 50 moved in the range of 228.55 points, and the Sensex moved in the range of 711.81 points throughout the session.

• Bajaj Auto scaled a fresh high in Wednesday's session, and was the top contributor to the benchmark Nifty 50. Asian Paints Ltd., and Bajaj Finance Ltd. were other top contributor. 

• Tata Motors Ltd. emerged as the top dragger in the Nifty 50 index as the UBS Global Research kept 'Sell' rating on worries over weak outlook for fiscal 2026.

• The NSE Nifty Oil & Gas and Nifty PSU Bank declined the most among sectoral indices. 

• The NSE FMCG was the only sector end Wednesday's session in positive. The sector was also the best performing sector. 

• The NSE Nifty FMCG extended its record rally to a third session. Varun Beverages Ltd., Hindustan Unilever Ltd. were the top leader in the index. 

• The NSE Nifty Pharma scaled a high of 23,463.10 as Sun Pharmaceutical Industries Ltd. lead. 

• The NSE Nifty Midcap 150 ended 0.25% down at 21,798.95.

• The NSE Nifty Smallcap 250 ended 0.78% lower at 18,238.80.

Mphasis Silverline is in pact with AgentSync for insurance compliance solutions.

Source: Exchange filing

• Adani Ports & Special Economic Zone Ltd. is to develop multipurpose berth at Gujarat's Kandla Port.

• Kandla Port berth to handle multipurpose cargo, expected to be commissioned in financial year 2026–27.

Source: Press Release

• Order worth Rs 850 crore from Cochin Shipyard for supply of multifunction radar

• Additional orders worth Rs 305 crore for defence equipment

Source: Exchange filing

India's benchmark stock indices reversed early losses to trade higher for the third straight session on Wednesday, led by gains in financial stocks.

At 11:46 a.m., the 50-stock NSE Nifty was trading 26 points, or 0.11%, higher at 25,070, and the 30-stock BSE Sensex was up 94 points, or 0.12%, at 82,002. Both the Nifty and the Sensex fell as much as 0.24% during early trade on Wednesday.

Banking stocks, which are attractively valued, are good 'buys' now for medium- to long-term investors, according to VK Vijayakumar, chief investment strategist at Geojit Financial Services. The investor preference of defensives like Pharma and FMCG is likely to continue, he said.

"Industries using crude and crude-derived inputs as raw materials, like paints, adhesives, tyres and aviation, will be on a strong wicket," added Vijayakumar.

However, losses in the automobile sector led by Tata Motors Ltd. limited the gains in the indices.

Shares of Tata Motors plunged more than 4% on Wednesday after UBS maintained its target price, which implies a 25% downside. This is on the expectation that fiscal 2026 could be weak for the automaker on multiple headwinds.

The domestic stocks were mixed while most Asian stocks fell on Wednesday, taking mixed cues from Wall Street ahead of US inflation data and presidential debate.

Shares of Bajaj Auto Ltd., Bharti Airtel Ltd., ITC Ltd., Asian Paints Ltd., and Hindustan Unilever Ltd. were contributing to the gain on the Nifty 50.

While those of Tata Motors Ltd., Oil and Gas Corp. Ltd., ICIC Bank Ltd., Hindalco Industries Ltd., and Bharat Petroleum Corp. were weighing on the index.

On NSE, six of the 12 sectors declined, with Nifty Oil and Gas and Auto slipping the most during the session. The Nifty FMCG and Pharma rose the most on Wednesday.

Broader markets outperformed the benchmark indices, with the Midcap and Smallcap were trading 0.22% and 0.25% higher, respectively, through midday on Wednesday.

On BSE, six of the 20 sectors declined, with BSE Oil and Gas and Energy leading the fall.

Market breadth was skewed in favour of the buyers. Around 2,052 stocks rose, 1,714 stocks declined, and 130 stocks remained unchanged on the BSE.

• Tata Motors Ltd. set for longest losing streak in 16 years.

• The stock fell for 9th straight day, set for longest run of losses since October 2008.

• The stock has fallen over 8% in one month, while benchmark Nifty 50 has risen 2.7%.

• Stock is the worst performer on Nifty 50 today.

• JSW Infrastructure Ltd. clarified on media reports of company to raise in excess Rs 5,000 crore via QIP

• The company is currently not in any discussions to raise Rs 5,000 crore via QIP.

Source: Exchange filing

Shares of Shoppers Stop Ltd. jumped 14.51% to Rs 935.90, the highest level since its listing on May 23, 2005. It pared gains 10.35% higher at Rs 901.85 as of 12:29 p.m., as compared to 0.20% advance in the NSE Nifty 50 index.

• US Food and Drug Administration's inspection at stepdown unit of Aurobindo Pharma Ltd. got first approval for Lidocaine Hydrochloride injection.

Alert: Lidocaine Hydrochloride is a local anesthetic

Source: Exchange filing

• Probability of 25-basis-point cut is higher compared to a 50 bps cut in September.

• They will look at higher rate cut in the next six months.

• Pace 360 doesn't see negative GDP reading in the next two quarters.

• Pace 360 is expecting about 4 rate cuts by March 2025.

• The US could get into recession by mid 2025.

Source: Amit Goel, co-Founder and chief global strategist, Pace 360

• Ravindra Energy Ltd. approved raising of funds up to Rs 180 crore via issue of shares on preferential basis.

Source: Exchange filing

Shares of Infibeam Avenues Ltd. fell more than 9% on Wednesday after it turned ex-date for the spinoff of its digital marketing arm, Odigma Consultancy Services Ltd.

• Strides Pharma Sciences Ltd. shareholders and secured creditors approval to create specialty pharma CDMO OneSource.

Source: Exchange filing

Shares of Ramco Systems Ltd. jumped to hit their highest level in more than two years on Wednesday after it announced the release of 6.0 version of its aviation software.

• Green Hydrogen to help de-carbonize industries that are difficult to electrify

• Refineries, fertilizers, steel, heavy duty transportation sectors to benefit from green hydrogen

• Green hydrogen to also act as energy storage for surplus renewable energy

• Aim to make India global hub for green hydrogen

• India has a great potential for development of a green job ecosystem

• International partnership critical for growth of green hydrogen

• There is a need to invest in research for technology in green energy sector

• Brigade Enterprises Ltd. will use proceeds from initial public for land acquisition.

• Brigade Enterprises sees solid demand despite price increases so far.

• The company will continue to maintain a stable growth, see single digit price growth.

• Inventory levels are at all-time low levels especially in Bangalore. Inventory levels are at four quarter low.

• Brigade Enterprises expects cash flows to remain well balanced, have zero debt on residential segment.

• The real-estate company has nine million square feet currently operational in annuity portfolio.

• Brigade Enterprises is looking to build out another 6 million square feet in across key markets.

Source: Pavitra Shankar, managing director, Brigade Enterprises to NDTV Profit

Shares of Bajaj Auto Ltd. hit an all time high on Wednesday as they rose for the third consecutive session. The stock saw its last record high on Sept. 2, after the company reported healthy sales growth in August.

Shares of Jubilant Pharmova Ltd. rose to the highest level since its listing on Wednesday after its sister arm received voluntary action indicated from the US Food and Drug Administration for its Washington Facility.

• Maintain Hold, target price at Rs 1747, downside 8%

• Hosted Infosys in 31st Investor Forum

• Outlook for FY25 remains unchanged

• Sustainability of demand tailwinds in certain pockets of BFSI

• Incremental headwinds emanating for the EU auto vertical

• Demand uncertainties among key macro issues is fading away

• This creates positive backdrop of discretionary demand revival in FY26

• Infosys more geared towards discretionary demand revival than other peers

BFSI: Banking, Financial Services

The NSE Nifty FMCG rose to the highest level since its inception on Sept 22, 1999. ITC Ltd., Hindustan Unilever Ltd. were the top leader in the index. The Nifty FMCG was trading 0.46% higher at 64,883.75 as of 09:48 a.m.

The NSE Nifty Pharma rose to the highest level since its incorporation on July 1, 2005. Sun Pharmaceutical Industries Ltd. Dr. Reddy's Laboratories Ltd. were the top leader in the index. The Nifty Pharma was trading 0.75% higher at 23,432.90 as of 09:46 a.m.

Shares of Tata Motors plunged nearly 5% on Wednesday after UBS maintained its 25% downside call.

Tata Motors stock fell as much as 4.47% in early trade to Rs 989.5 apiece on the NSE. It was trading 3.92% lower at Rs 995.2 apiece, compared to a 0.07% decline in the benchmark Nifty 50 as of 09:34 a.m.

It has risen 56% during the last 12 months and has advanced by 27% on a year-to-date basis. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 33.

Twenty three analysts tracking the company have a 'buy' rating on the stock, seven suggest a 'hold' and five have a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18%.

• State Bank of India plans to raise up to Rs 7,500 crore via second tranche of tier-II bond.

• SBI may hit the bond market with another tier-II bond issue by next week.

Source: Merchant bankers

Shares of oil marketing companies rose after brent crude fell below crucial $70 a barrel level for the first time in two years on Tuesday. The November future contract of the brent crude was trading 0.56% higher at $69.57 per barrel as of 09:33 a.m.

Indian companies imports substantial amount of crude oil thus, any drop in the price of the commodity aid production costs.

Benchmarks declined right after opening on a muted note on Wednesday as market participants exercised caution ahead of the US CPI, due later today. A fall in shares of Tata Motors Ltd., ICICI Bank Ltd. dragged the NSE Nifty 50 and BSE Sensex.

As of 09:17 a.m., the Nifty 50 was trading 18.30 points or 0.07% lower at 25,022.80, and Sensex was trading 31.08 points or 0.04% lower at 81,890.21.

Kotak Securities believes the market has completed one leg of the pullback rally, and now 25,000/81,800 is expected to be the crucial support level for traders, said Shrikant Chouhan, head Equity Research. Above 25,000/81,800, it can bounce back to 25,150-25,175/82,200-82500. However, if it falls below 25000/81800, the market may retest 24,900/81,500 or 24,800/81,200 levels. Our strategy should be to reduce long positions at each resistance level.

Asian Paints Ltd., Infosys Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., and Bharat Petroleum Corp added to the benchmark indices.

Tata Motors Ltd., ICICI Bank Ltd., Oil and Natural Gas Corp, State Bank of India, and HDFC Bank Ltd. weighed on the index.

On NSE, six sectors declined, four advanced, and two remained flat out of 12. The NSE Nifty Auto logged the most loss, while the NSE Nifty FMCG emerged as the top gaining sector.

Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.04% and 0.34% higher, respectively.

On BSE, 10 sectors declined, nine advanced, and one remained flat out of 20. The BSE Power was the best performing sector, while the BSE Auto declined the most.

Market breadth was skewed in favour of buyers. Around 1,814 stocks advanced, 1,084 declined, and 112 stocks remained unchanged on BSE.

At pre-open, the NSE Nifty 50 was trading 0.04% lower at 25,034.00, and the BSE Sensex was trading 0.02% higher at 81,935.23.

• The yield on the 10-year bond opened flat at 6.84%.

• It closed at 6.85% on Tuesday.

Source: Bloomberg

• Rupee opened flat at 83.97 against the US dollar.

• It closed at 83.98 on Tuesday.

Source: Bloomberg

• Gensol Engineering Ltd. partnered with Matrix Gas & Renewables gets project to setup India’s first Green Hydrogen Valley in Pune, Maharashtra.

Source: Exchange filing

• Expects FY24 EBIT Margin for Automotive segment between 6-7% vs 10.8% reported in 2023

• Expects deliveries to slightly decrease this year

• Expectation 2024 Group EBT to decrease significantly

• Capex ratio to be above 6% vs 5.7% in 2023

• Expects R&D Ratio to be greater than 5% vs 5% of 2023 led by tech changes

• Expects Free cash flow automotive segment at 4bn euros vs 6.9 billion euros reported in 2023

• Share Buyback Program 2, Up to €2 billionn, to be finalized by 12/2025.

Source: Investor Presentation

• The brokerage maintained sell with a target price Rs 825 , which implied 25% downside.

• Defender, Range Rover & Range Rover Sport have aided Avg Selling Price & Gross Margins

• Extended success of key JLR models have started to moderate with order book below pre-covid

• Rising discounts, moderate growth and lack of new launches could result in weaker FY26

• Value JLR at Rs 340, Indian CV/PV at Rs 280/ 170 and subsidiaries at Rs 35

• Maintain Buy with target price Rs 600, which implied a 24% Upside

• Strong multi-year earnings growth visibility

• Premiumization and higher wallet share to drive outperformance vs industry

• Ramp up in newer clients such as Honda 2Ws over the next 18-24 months

• New products under the testing/validation stage

• Potentially moving into revenue from FY26 like disc brakes

• Improving mix and operating leverage-led margin uptick to 13.5–14%

• Strategic inorganic acquisitions expanding the addressable market size

• Believe company is attractively valued compared to other 2W ancillaries

• Estimate 29% EPS CAGR between FY24-27

• Plutus Investments acquires 53.9% of Windsor Machines for Rs 350 crore.

Alert: SPA was signed between Plutus Investments and promoter Castle Equipments on June 18.

Source: Exchange filing

• Northern Arc Capital Ltd. set initial public offer price band at Rs 249-263 per share.

Alert: Bid for issue to open on Sept 16 and close on Sept 19

Source: Company Statement

• U.S. Dollar Index at 101.45

• U.S. 10-year bond yield at 3.63%

• Brent crude up 0.52% at $69.55 per barrel

• Nymex crude up 0.62% at $66.16 per barrel 

• Bitcoin was down 1.00% at $56,998.16

• The GIFT Nifty was trading 0.09% or 23.50 points lower at 25,090.00 as of 7:58 a.m.

The Indian rupee closed weaker against the US dollar on Tuesday amid expectations of a continued RBI intervention. Market participants are waiting on the sidelines for the release of US inflation data due Wednesday, for insights on the scale of the Federal Reserve’s anticipated interest rate cut.

The rupee closed three paise weaker at Rs 83.98 against the US dollar, according to Bloomberg data. The domestic currency had closed at Rs 83.95 on Monday.

• Nifty September futures rose by 0.45% to 25,083, at a premium of 41.9 points.

• Nifty September futures open interest fell by 3.1%.

• Nifty Bank September futures rose by 0.19% to 51,371.2, at a premium of 98.9 points.

• Nifty Bank September futures open interest fell by 0.65%.

• Nifty Options Sept. 12 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 24,600.

• Bank Nifty Options Sept. 11 Expiry: Maximum call open interest at 59,000 and maximum put open interest at 51,000.

• Securities in ban period: Aditya Birla Fashion And Retail, Balrampur Chini Mills, Bandhan Bank, Biocon, Chambel Fertilizers, Hindustan Copper and RBL Bank.

• Aavas Financiers: To meet analysts and investors on Sept. 18 and 19.

• Mrs. Bectors Food Specialities: To meet analysts and investors on Sept. 13,14 and 17.

• Century Textiles: To meet analysts and investors on Sept. 17.

• Varroc Engineering: To meet analysts and investors on Sept. 13.

• KFin Tech: To meet analysts and investors on Sept. 19 and 23.

• Indian Hotels: To meet analysts and investors on Sept. 26 and 27.

• Shriram Finance: To meet analysts and investors on Sept. 13.

• VA Tech Wabag: To meet analysts and investors on Sept. 13.

• SBI Life Insurance: To meet analysts and investors on Sept. 13,18 and 24.

• Matrimony.com: To meet analysts and investors on Sept. 25.

• Bajel Projects: To meet analysts and investors on Sept. 13.

• Symphony Ltd:  To meet analysts and investors on Sept. 13.

• Aegis Logistics: To meet analysts and investors on Sept. 13.

• Venus Pipes: To meet analysts and investors on Sept. 13.

• Five Star Business Finance: To meet analysts and investors on Sept. 12.

• Tata Chemicals: To meet analysts and investors on Sept. 16 and 18.

• Mankind Pharma: To meet analysts and investors on Sept. 17 and 23.

• Oberoi Realty: To meet analysts and investors on Sept. 17, 18 and 23.

• Jindal Stainless: Held on Sept. 10.

• Goa Carbon: Held on Sept. 10.

• 5Paisa Digital: Held on Sept. 10.

• Equitas Small Finance Bank: Held on Sept. 10.

• Price band change from 20% to 5%: Infibeam Avenues Ltd.

• Price band change from 5% to 20%: Orient Technologies Ltd.

• Ex dividend: Finolex Industries Ltd., General Insurance Corp., Infibeam Avenues Ltd., Insecticides (India) Ltd., Pondy Oxides and Chemicals Ltd.

• Ex/record dividend: Andhra Paper Ltd., Uttam Sugar Mills Ltd.

• Dr. Lal PathLabs Ltd.: Promoter Arvind Lal sold 40,000 shares between Sept. 6 and Sept. 10.

• Pidilite Industries: Ishijas Chemicals Pvt. bought 4 lakh shares (0.06%) at Rs 3,303 apiece. Neerav Apurva Parekh sold 1 lakh shares (0.01%) and Kalpana Apurva Parekh sold 3 lakh shares (0.05%).

• Trent: Siddhartha Yog bought 1.19 lakh shares (0.03%) at Rs 7,080 apiece. Dodona Holdings Ltd. sold 1.19 lakh shares (0.03%).

• Kross: The initial share sale of auto parts manufacturer Kross received 2.56 times subscription on the second day of bidding on Tuesday. The company is looking to mop up Rs 500 crore through its maiden share sale. The offering consists of a fresh issue as well as an offer for sale, each worth Rs 250 crore.

• Tolin Tyres: The initial public offering of Tolins Tyres Ltd. has been subscribed 5.22 times on the second day of subscription on Tuesday. The IPO was subscribed 1.8 times on the first day of bidding on Monday, led by demand from retail investors.

• Bajaj Housing Finance: The IPO was subscribed 7.51 times on its second day of bidding on Tuesday. The issue was subscribed 2.02 times on the first day.

• PN Gadgil Jewellers: The IPO was subscribed 2.01 times on the first day of issue on Tuesday, led by bidding from retail investors. The offering consists of a fresh issue of 1.77 crore shares worth Rs 850 crore and an offer for sale of 52 lakh shares worth Rs 250 crore.

• Tata Motors: The CCI approved proposed merger of Tata Motors Finance with Tata Capital.

• Hindustan Zinc: HZL and Skipper Ltd. partnered for India's heaviest transmission steel pole structure, weighing around 200 tonnes.

• Ceat: India Ratings and Research has revised outlook of the company to positive from stable. 

• Ramco Systems: The company announces the launch of Aviation Software 6.0 for smarter aircraft management. 

• Ashoka Buildcon: The company has finalised an agreement to transfer its complete 90% stake in ABL Indira Projects JV LLP for a sum of Rs 5.44 crore to Indira Projects & Development (Tamil Nadu) Pvt.

• Happiest Minds Technologies: The company has obtained a certified true copy of the first motion order from the NCLT, Bengaluru bench, concerning the scheme of amalgamation with Sri Mookambika Infosolutions Pvt. This order relates to the merger of the two companies and their respective shareholders and creditors.

• Fiem Industries: The company has received an interim insurance payment of Rs 30 crore related to the fire incident in June 2023. The company has estimated the total claim at Rs 112.7 crore on a reinstatement value basis, with the final assessment still in progress.

• Reliance Industries: Reliance Retail Ventures, Delta Galil in pact for JV in India Delta Galil to establish apparel innovation platform focused on Indian market via Joint Venture with Reliance Retail.

• Jubilant Pharmova: US FDA classifies the company's Washington facility as voluntary action indicated.

• Entero Healthcare Solutions: India Ratings and Research has upgraded the company’s long-term issuer rating to ‘IND A-’ from ‘IND BBB’. The outlook is stable.

• PDS: The company has secured a key trade financing facility, backed by HSBC Bank Middle East Ltd., to strengthen its position as a global fashion infrastructure platform. The facility will support the company's working capital needs and align with measurable sustainable finance objectives.

• Steel Strips Wheels: The company has signed a supplementary shareholders agreement with Clean Max Astria, an associate company involved in renewable energy production and distribution. The company will invest Rs 6.93 crore through a rights issue to expand wind and solar capacity. As part of the agreement, the additional power generated will be supplied exclusively to the two companies.

• Brigade Enterprises: Brigade Foundation Inaugurates 108-bed Hospital in collaboration with St. John’s Medical College Hospital at Brigade Meadows, Kanakapura Road, Bengaluru.

• Ireda: Ireda Global Green Energy Finance IFSC Ltd. has received provisional registration from the International Financial Services Centre Authority.

• Tinna Rubber and Infrastructure: The company has entered into a JV agreement with Lionshare Holdings and Mbodla Investments in Johannesburg. The partnership aims to acquire and recycle used tyres, either in India or by setting up a recycling plant in South Africa.

• Astra Microwave Products: The company has signed a Memorandum of Understanding with Premier Explosives Ltd., Hyderabad. The strategic alliance aims to jointly develop and market a range of products.

• Genus Power Infrastructures: Genus Power Infrastructure has established two wholly owned step-down subsidiaries namely Genus Shekhawati Smart Metering Solutions SPV Pvt. and Genus Marwar Smart Metering Solutions SPV Pvt.

• Goa Carbon: The company has resumed operations at its Goa unit, with the kiln being lit. After the preliminary heat-up and the start of raw material feeding, normal production is expected to resume shortly.

• Premier Explosives: The company has signed an MoU with Astra Microwave for joint development and sale of products.

• IRB Infrastructure Developers: Transport Ministry said that no toll would be charged for travelling up to 20 km on highways and expressways per day. Toll collection for over 20 km to be based on distance covered by vehicle as per satellite data.

• Oil India: The company, ONGC Videsh and Kabil have signed an MoU with UAE-based International Resources Holding.

• Adani Ports-Rorix Pact: International Holding Co.'s subsidiary Rorix has entered into an agreement with Adani Ports and Special Economic Zone Ltd. This pact focuses on the integration of advanced technologies into India's infrastructure.

• Lemon Tree Hotels: The company has signed a new property featuring 108 rooms in Mumbai.

• Yes Bank: The company has proposed the name of Manish Jain, the head of wholesale banking, for the position of executive director for a term of three years.

• UCO Bank: The bank will hike MCLR by 5 bps in most tenures

• InterGlobe Aviation: The Bureau of Civil Aviation Security has reduced the penalty imposed on the company from Rs 1.2 crore to Rs 70 lakh.

• Inox India: The company has been granted a patent for a 'cryogenic liquid-based variable temperature cold storage unit and method'.

• Hindustan Foods: Further investment in wholly owned subsidiary company.

• HDFC Bank: The Reserve Bank of India has imposed a penalty of Rs 1 crore on the bank for non-compliance with its directions on 'Interest Rate on Deposits' and the engagement of 'Recovery Agents' by the bank.

• Zee Media Corp.: Announcement of changes in the company's senior management personnel.

• Dixon Technologies (India): The Competition Commission of India has approved the proposed acquisition of a minority stake in Aditya Infotech Ltd.

Asia-Pacific benchmarks declined on Wednesday before the release of US CPI for August, which investors will parse to get a sense about the quantum of rate cuts the Federal Reserve will opt for in its policy meeting next week.

Market participants will also assessed presidential debate between candidates Donald Trump and Kamala Harris.

The Nikkei 225 was trading 214.24 points, or 0.59 lower at 35,944.92, and the Kospi was trading 2.10 points, or 0.08% down at 2,521.33 as of 06:29 a.m.

US stocks struggle to gain traction as Wall Street's biggest banks strike cautious chord. Meanwhile, Brent oil prices fell below $70 a barrel due to growing concerns about oversupply.

On Tuesday, the S&P 500 and Nasdaq Composite settled 0.45% and 0.84% higher, respectively. The Dow Jones Industrial Average ended 0.23% lower.

Brent crude was trading 0.55% higher at $69.57 a barrel. Gold was flat at $2,516.46 an ounce.

The GIFT Nifty was trading 0.16%, or 40 points lower at 25,073.50 as of 06:32 a.m.

The Indian benchmark indices closed higher for the second session in a row on Tuesday, led by gains in the IT sector. The NSE Nifty 50 closed 104.70 points, or 0.42% higher at 25,041.10, while the S&P BSE Sensex ended up 361.75 points, or 0.44% at 81,921.29.

Overseas investors remained net buyers of Indian equities on Tuesday for the second consecutive day. Foreign portfolio investors mopped up equities worth Rs 2,208.2 crore, while domestic institutional investors turned net sellers after six sessions and offloaded equities worth Rs 275.4 crore, the NSE data showed.

The Indian currency weakened by 3 paise to end at 83.98 against the US dollar.