Stock Market Today: Nifty, Sensex Log Worst Selloff Since August Ahead Of Key US Jobs Data

• Nifty FMCG top gaining sectoral index, up 0.18% this week; gains led by Radico Khaitan, Marico

• Most sectoral indices decline this week

• Nifty PSU Bank, Nifty Oil & Gas top sectoral laggards; fall 4.7% and 3.2% respectively

• Nifty PSU Bank falls second week in a row; Indian Bank, Canara Bank drag

• Nifty Oil & Gas snaps three-week gaining streak; Oil India, Aegis Logistics drag

• Nifty falls 1.5%, snaps three-week winning streak; Coal India, ONGC top drag

• Nifty Midcap 150 falls 1.1% this week; Oil India, Vodafone Idea drag

• Nifty Smallcap 250 records four-week gaining streak, up 0.76%; Jai Balaji Ind., Piramal Pharma lead

The Indian rupee strengthened by 3 paise to close 83.95 against the US dollar. It closed at 83.98 on Thursday.

Source: Bloomberg

India's benchmark indices extended losses on Friday, recording its worst week in over three months as fears griped over the health of the US economy ahead of the release of jobs data.

The NSE Nifty 50 closed 1.1% or 275.75 points lower at 24,869.35 to extend fall to third consecutive session. The BSE Sensex closed 1.24% or 1,017.23 points down at 81,183.93, its fourth day of decline.

Both indices lost nearly Rs 4 lakh crore in value.

Stock of the day is State Bank of India declined 4.4% after Goldman Sachs downgraded the stock's rating to 'sell' from 'neutral' earlier citing headwinds like peak return on assets ratio, increasing credit costs, and expectations of a lower loan growth.

Shares of Reliance Industries Ltd, ICICI Bank Ltd, and SBI contributed the most to the losses in the Nifty.

Bajaj Finance Ltd, Asian Paints Ltyd, and HDFC Bank Ltd. advanced the most.

All sectoral indices on the NSE declined, with the Nifty PSU Bank being the top loser.

Broader indices also declined in line with benchmarks as the BSE MidCap closed 1.41% lower and the BSE SmallCap ended 0.96% down.

All sectoral indices on the BSE ended lower, with Telecom falling the most.

The market breadth was skewed in the favour of the sellers as 2540 stocks fell, 1407 rose and 87 remained unchanged on the BSE.

• Nifty extended fall to third consecutive session and Sensex to a fourth

• Nifty ends 1.1% or 275.75 points lower at 24,869.35

• Sensex ends 1.24% or 1,017.23 points down at 81,183.93

• Intraday, Nifty fell as much as 1.37% to 24,801.3 and Sensex lost as much as 1.48% to hit a high of 80,981.93

• Both Nifty and Sensex hit its lowest level since August 26

• Broader indices also ended lower; Nifty Midcap 100 ended 1.59% lower while Nifty Smallcap 250 closed 1.25% down.

• All sectoral indices ended lower; Nifty PSU Bank fell the most

• Asian Paints, JSW Steel and Bajaj Finance were top Nifty gainers

• SBI and BPCL were top losers among Nifty stocks

Indian VIX, that measures volatility, rose 7% to 15.25.

The company approved early closure of NCD issue. The sale will close on Sept. 6 instead of Sept. 17.

Source: Exchange filing

The Nifty has lost over Rs 2.4 lakh crore today as the benchmark declines over 300 points. The Sensex has lost Rs 2 lakh crore in value.

Synergy Green Industries received order of Rs 163.74 crore from Vestas Wind Systems for 2 MW and 4 MW parts, split equally between domestic and export requirements.

Source: Exchange filing

Signs long-term deal with Dynamatic Technologies for Airbus A220 door program

Source: Exchange filing

To consider issuing 2 bonus shares for every share held on September 20

Source: Exchange filing

• Substantial growth in fleet count expected with ungrounding of 28 aircraft

• Potential expansion of fleet with 147 Boeing 737 Max order

• Rs 3,700 crore outstanding to lessor, engineering liabilities

• Outstanding statutory dues worth Rs 650 crore

• Grounding of aircraft along with surging costs led to outstanding liabilities

• Have a code share agreement with Middle Eastern airline, exploring more such options

JV commences commercial production of tiles at Nepal facility

Source: Exchange Filing

Opens new Formaldehyde & Hexamine manufacturing plant in Gujarat

Source: Exchange Filing

• August stainless steel sales volume up 91% at 7,060 MT

• August aluminium foil sales volume up 23% at 1,561 MT

• August carbon steel sales volume up 25% at 1.42 lakh MT

• August sponge iron sales volume up 55% at 86, 386 MT

• August pellet sales volume down 42% at 43,455 MT

• August speciality alloys sales volume up 29% at 17,952 MT

Source: Exchange Filing

India's benchmark indices plunged to the lowest level since the Yen carry trade rout in August, tracking global stocks on concerns of US payroll data due on Friday.

This decline will set the stage for the domestic gauges to record a weekly fall after three gains. The NSE Nifty 50 and the S&P BSE Sensex slipped as much as 1.06% and 1.09%, respectively, so far in the day.

At 11:37 a.m., the 50-stock NSE Nifty was trading 233 points, or 0.93%, lower at 24,909, and the 30-stock Sensex was down 816 points, or 0.99%, at 81,369.

All eyes will be on the upcoming US jobs data for August due Friday, a key indicator of whether the Federal Reserve will initiate a half-point interest cut in September. Traders are pricing in over 100 basis points of easing this year, implying a potential super-sized reduction, according to Bloomberg.

India remains at a better place to attract inflows from Fed rate cuts, compared to its peers in the overall emerging markets this time, Citi said in its latest report.

Vodafone Idea Ltd. faced another blow as its target price was cut by Goldman Sachs to Rs 2.5 apiece, implying an 83% downside to current market price. Here's why.

The near-term trend in the market will be influenced by the US jobs data to be published tonight, according to V K Vijayakumar, chief investment strategist, Geojit Financial Services Ltd. Markets might not take it positively if the August jobs numbers come lower than market expectations as the Fed may even cut by 50 bps, he said.

The Indian economy continues to do well with elevated valuations as the only concern, he said. "Investors should prioritise buying fairly valued quality stocks on declines."

A direct fall below 25,070 should, however, set up a collapse aiming 24,400 with 24,800 offering initial support, according to Anand James, chief market strategist, Geojit Financial Services.

The first week of August saw Indian stocks plummet as traders unwound their carry-trade bets on the Japanese yen after it rose against the US dollar.

Most Asian stocks were hit on Friday as traders remained cautious just ahead of the release of US payroll data, which could set the tone for the September rate cut. The Japenese Nikkei 225 was 0.74% lower while the South Korean benchmark was down 1.16% as of 11:39 a.m. IST.

Shares of Bajaj Finance Ltd., Hindustan Unilever Ltd., LTIMindtree Ltd., Bajaj Finserv Ltd., and Asian Paints Ltd. cushioned the loss in the Nifty 50.

While those of Reliance Industries Ltd., State Bank of India Ltd., ICICI Bank Ltd., Infosys Ltd. and Larsen & Toubro Ltd. weighed on the index.

On NSE, all 12 sectors plunged, with Nifty PSU Bank falling nearly 3% during the day. Nifty Oil and Gas and Energy slipped nearly 2%.

Broader markets fell along with the benchmark indices. The BSE Midcap and Smallcap were down 0.92% and 0.59%, respectively.

On BSE, all 20 sectors declined, led by BSE Telecommunication and Oil and Gas and Energy.

Market breadth was skewed in the favour of the sellers. Around 1,272 stocks rose, 2,504 stocks declined, and 109 stocks remained unchanged on the BSE.

Opens 7-screen multiplex at Mohali, Punjab

Source: Exchange Filing

Co and Moebius Medical gets fast track designation for Osteoarthritis treatment

Source: Exchange Filing

Gets nod to set up 12.72 MW Wind-Solar Hybrid Power Project

Source: Exchange Filing

• Company keeps exploring business opportunities to expand operations

• No material information to disclose

• Clarifies on report of company's bid for Ayana Renewable

Source: Exchange Filing

Shares of Mangalam Organics Ltd. hit 5% upper circuit on Friday after promoters of the firm increased their stake. The stock hit a fresh 52-week high, extending gains for the sixth day.

It has risen 74.72% on a year-to-date basis. Total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index was at 84.42, indicating that the stock may be overbought.

Premier Energies Ltd. shares rose over 18% on Friday after the company received order worth Rs 215 crore from Uttar Pradesh Department of Agriculture.

While the brokerage believes that the recent capital raise is positive, it won't stop the share erosion.

• HDFC MF raises stake in company by 2%

• HDFC MF's stake in company now stands at 9%

Source: Exchange Filing

• Gets US FDA approval for Theophylline Extended-Release Tablets, 300mg and 450mg

• Theophylline is used to manage respiratory conditions like chronic asthma

Source: Exchange Filing

KEC International Ltd. stock jumped that it has secured new contracts worth Rs 1,423 crore for the design, supply, and installation of 380 kV transmission lines in Saudi Arabia.

IPO to include fresh issue of 2.34 crore shares

Source: DRHP

On September 4, the company announced of a new partnership with Onix Renewable Ltd to supply steel structures for solar projects. 

Shares of Ola Electric Mobility Ltd. declined more than 3% in early trade on Friday as the minimum lock-in period of 30 days for anchor book investors ends, freeing up around 18.17 crore shares for sale. This represents 4.1% equity.

• Lists at Rs 389 on BSE vs issue price of Rs 389

• Lists at Rs 389 on NSE issue price of Rs 389

Source: Exchange Filing

Bajaj Finance Ltd. got a target price hike on its stock from Jefferies after the investment bank said an improvement in bounce rates i.e. miss on EMI installments should help bring down credit costs from the third quarter, after meeting with the company's management.

Headwinds to State Bank Of India's peak return on assets ratio, increasing credit costs, and expectations of a lower loan growth has led Goldman Sachs downgrade the stock's rating to 'sell' from 'neutral' earlier.

Benchmark equity indices extended their fall to another session as shares of ICICI Bank and State Bank of India dragged them.

At pre-open, Nifty was 25085.15, down 0.24% or 59.95 points and Sensex was at 82148.64, down 0.06% or 52.52 points.

"On the higher side positive up move will be only above 25,300 levels which is the five-day high and break below 25,000 can trigger some sharp profit booking," said  Vikas Jain, head of research at Reliance Securities.

"RSI is witnessing reversal on daily charts from the average line and other key technical indicators are also moderating from current levels," he added.

Shares of ICICI Bank Ltd., State Bank Of India, Infosys Ltd., HDFC Bank Ltd., and Larsen & Toubro Ltd. dragged the Nifty. While those of TCS, Bajaj Finance, LTIMindtree, Asian Paints, and IndusInd Bank limited the fall.

Sectoral indices were mixed at open with Nifty Realty rising the most and Nifty PSU Bank being the top loser.

At pre-open, Nifty was 25085.15, down 0.24% or 59.95 points and Sensex was at 82148.64, down 0.06% or 52.52 points.

-The yield on the 10-year bond opened flat at 6.85%.

-It closed at 6.85% on Thursday.

Source: Bloomberg

• Rupee strengthened by 2 paise to open 83.96 against the US dollar.

• It closed at 83.98 on Thursday.

Source: Bloomberg

Gets Establishment Inspection Report from US FDA after inspection at Andhra Pradesh facility

US FDA classifies Andhra Pradesh facility as 'Voluntary Action Indicated'

Source: Exchange Filing

• Downgrades to 'sell', target price Rs 350 as against Rs 434 earlier, downside of 19.4%

• Fundamentals have significantly improved, however re rating is overdone

• Limited visibility on medium/long term growth outlook

• Current share price implies 8-10% Ebitda growth till FY30, which is unlikely

• Multiples are at significant premium to Bharti’s or Jio’s

• Vodafone’s continued share erosion, reduction Bharti’s tendency roll outs are negative catalysts

• Downgrades to 'sell' from 'neutral' with target of Rs 742 and 9% downside

• Risk reward profile turning unfavourable

• Headwinds to ROA sustainability, expect sub-1% ROA by FY26

• Lower loan growth given widening gap between deposits & loans

• Increase in credit costs from MSME / Agri / unsecured

• Cut EPS by 3-9% and target multiple to 1 time from 1.2 times earlier

• August client base up 62.9% at 2.67 crore

• August average client funding book up 169.6% at Rs 3,852 crore

• August gross client acquisition up 22.9% at 9 lakh

  Source: Exchange Filing

• Maintains 'hold' with target of Rs 1,100, implying upside of 1.8%

• Key argument for further upside is potential shift up in JLR’s valuation versus Porsche

• JLRs underperformance between 2017-22 got its valuation to 1.5-2 times EV/EBITDA

• Currently trading at 3-4 times EV/EBITDA but still 50% lower than Porsche

• Every 1 time expansion in JLRs EV/EBITDA multiple is 10-15% accretive to TaMo stock price

• Resale value trends, a proxy for brand-perception remain inferior vs Porsche

• JLR catching up on financial metrics to Porsche

• Porsche has lead on EVs but JLR scheduled to launch soon

• Lowers FY25 GDP growth forecast to 6.7% YoY from 6.9%

• Lowers FY25 CPI inflation forecast to 4.1% from 4.4%

• Lowers FY25 current account deficit forecast to 1% of GDP from 1.1%

• Increases cumulative RBI rate cut expectations from 75bps to 100bp

• India’s strong medium-term growth drivers to ensure GDP growth of 7%

• Sees rising downside risks for FY26 as well

• Downside growth risks: political instability, stalled reforms, sluggish capex, excess monsoons

• Upside risks: Resilient consumer demand, pvt capex revival

• Oil prices pose two-sided risks for India

• Maintains 'buy' with target of Rs 300, upside 25%

• Margin expansion to mid-teens on track

• Truck volumes could potentially improve from second half

• Mid-to-long term outlook driven by economic growth and

• Triggering of replacement-led demand as fleet-age remains at record levels

• Co gaining share in buses/LCVs

• Spares, Defense, and Power Solutions business also faring quite well

• Improving mix & cost controls gives confidence on mid-teen margin guidance

• One of the least expensive OEMs, with 13% EPS CAGR, net-cash b/s, >25% RoCE

• Maintains buy with a target of Rs 8,410

• Jefferies met with management of Bajaj Finance

• Indicated that bounce rates are falling, Expect credit costs to fall Q3

• Tightening credit screens, growth to moderate to 25-26%

• Earnings growth should pickup from H2FY25

• ONGC remains top pick, followed by HPCL, GAIL (India)

• Prefer HPCL and BPCL over IOCL

• ONGC: Dividend growth, recovering cash flows, better production outlook to drive re-rating

• GAIL India: Higher transmission volumes & tarrifs, new pipelines to drive return on capital employe

• Gujarat Gas: Simpler group structure to offer more than 70% upside

• RIL: Expect 11% EPS CAGR over F23-F26 with multiple triggers

• Expects next leg of re-rating for Deepak Nitrite

• Well-supplied markets, strong domestic demand, project monetisation to benefit India's energy value chain

Approves allocation of 1.3 cr shares to QIBs at Issue price of Rs 1,150/share

Source: Exchange Filing

• Enters into purchase power agreement for Solar Power via special purpose vehicle Suryadeep RJ1 Projects

• Suryadeep RJ1 Projects is setting up solar power plant at Barmer, Rajasthan

Source: Exchange Filing

• FII inflows effect on commencement of US rate cut cycle

• Net negative in 3/4 instances in immediate 1months/3months

• Global risk-off scenarios key driver of short-term outflows

• Remains positive over 12 months in most cases

• Healthcare and Staples do well over 12 months following rate cute cycle

• Global peers believe India remains relatively better placed vs overall EMs

Changes to Preferred Picks:

• Remove Industrials & Utilities from sector preferences

• Add HUL to preferred list seeing improvement on rural side

• Add Bharti Hexacom to mid-cap list post initiation

• Key Overweight Sectors: Banks/Insurance, Telecom, Healthcare

• Key Underweight Sectors: Consumer Discretionary, IT Services, Metals

Board approves allotment of NCD aggregating to Rs 425 crore, through private placement

Source: Exchange Filing

• Acquires first tranche of 1.2 lk shares of Helios on September 5

• Company's stake in Helios increases to 94.24% from 50.40%

• Company on August 30 announced approval for acquisition of remaining 49.6% stake in Helios Lifestyles

• Helios Lifestyles is a subsidiary of the company

Source: Exchange Filing

• U.S. Dollar Index at 101.04

• U.S. 10-year bond yield at 3.73%

• Brent crude 0.17% higher at $72.81 per barrel

• Nymex crude 0.19% higher at $69.28 per barrel

• GIFT Nifty was down 29.5 points or 0.1% at 25,170.00 as of 07:55 a.m.

• Bitcoin was up 1.09% at $56,684.87

• Nifty September futures fell by 0.05% to 25,236.75 at a premium of 91.65 points.

• Nifty September futures open interest fell by 2.33%.

• Nifty Bank September futures rose by 0.2% to 51,727.6 at a premium of 254.55 points.

• Nifty Bank September futures open interest fell by 1.6%.

• Nifty Options Sept. 12 Expiry: Maximum call open interest at 26,400 and maximum put open interest at 23,900.

• Bank Nifty Options Sept. 11 Expiry: Maximum call open interest at 59,000 and maximum put open interest at 51,500.

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

• Rama Steel Tubes: Hrti Private Limited bought 87.2 lakh shares (1.72%) at Rs 13.07 apiece.

• Oswal GreenTech: Oswal Agro Mills Ltd. bought 124.61 lakh shares (4.85%) at Rs 51 apiece. Bhavani Techno Projects Limited sold 48.54 lakh shares (1.89%), Appu Impex Ltd. sold 36.86 lakh shares (1.43%), Alliance Techno Projects Limited sold 26 lakh shares (1.01%) and Luckystar Entertainments Limited sold 13.2 lakh shares (0.51%) at Rs 51 apiece.

• Max Financial Services: Max Ventures Investment Holdings Private Limited sold 110 lakh shares (3.18%) at Rs 1107.37 apiece.

• RattanIndia Enterprises: Lgof Global Opportunities Ltd sold 117.92 lakh shares (0.85%) at Rs 81.94 apiece and Connecor Investment Enterprise Ltd sold 82.61 lakh shares (0.59%) at Rs 83.45 apiece.

• Thangamayil Jewellery: Chandramogan R G bought 3.53 lakh shares (1.28%) at Rs 2140 apiece.

• Price Band change from 20% to 10%: IIFL Securities, SEPC.

• Ex dividend: Eclerx Services, Shipping Corporation of India, Shipping Corporation of India Land and Assets, Senco Gold, Sterling Tools, Tatva Chintan Pharma Chem, Triveni Turbine, Vardhman Textiles.

• Ex/record dividend: Gujarat Narmada Valley Fertilizers and Chemicals, Gujarat State Petronet, KRBL, Medi Assist Healthcare Services, Metro Brands, NBCC, The New India Assurance Company, Protean eGov Technologies, Quess Corp, Responsive Industries, Triveni Engineering and Industries, Zen Technologies.

• Ex/ record Bonus: VST Industries.

• Moved in short term ASM Framework: Geojit Financials Services

Shanti Educational Initiatives: New Leaina Investments Limited sold 18 lakh shares (1.11%) at Rs 119.32 apiece and LGOF Global Opportunities Ltd. sold 22.77 lakh shares (1.41%) at Rs 119 per share. On the other hand, Legends Global Opportunities (Singapore) Pte. Ltd. bought 22.77 lakh shares (1.41%) at Rs 118.85 apiece.

Shree Tirupati Balajee Agro: The IPO has been subscribed 6.36 times on the first day. The bids were led by retail investors (7.93 times), non-institutional investors (5.25 times), and institutional investors (4.46 times).

Baazar Style Retail: Shares of Rekha Jhunjhunwala-backed firm to list on stock exchange today. The IPO was subscribed 40.66 times on its third day, led by institutional investors. The IPO was subscribed 4.64 times on the second day and 0.72 times or 72%, on the first day. The issue price for the firm has been set at Rs 389 according to date on the NSE.

• KEC International: The company received new orders worth Rs 1,423 crore for the supply and installation of 380 kV transmission lines in Saudi Arabia.

• Rashtriya Chemicals & Fertilizers: The company approved the issue of secured/unsecured, non-convertible debentures aggregating up to Rs 1,400 crore in the period of the next twelve months through a private placement basis.

• Aditya Birla Fashion And Retail: The company will raise funds up to Rs 500 crore through non-convertible debentures. The company also approved the allotment of 5.57 crore shares to shareholders of TCNS Holdings. The company will allot 11 ABFRL shares for every six held in TCNS Holding.

• Ashoka Buildcon: The company announced that its wholly-owned subsidiary, Viva Highways Ltd, has successfully monetised its land in Hinjewadi, Pune, for a total value of Rs 453 crore.

• L&T Finance: The company has issued 17,500 listed, secured, rated, redeemable non-convertible debentures worth Rs 175 crore to selected investors through a private placement on Sept 5, 2024.

• Wipro: The company has been enlisted by JFK International Air Terminal, the operator of JFK’s Terminal 4, to help meet its net zero targets.

• JSW Energy: The company has received a Rs 55 lakh tax penalty for the financial year 2019-20.

• Adani Enterprises: The company approved the early closure of the NCD issue. The issue will now close on Sept. 6 instead of Sept. 17.

• Finolex Cables: Nikhil Naik stepped down as Chairman of the Board, and the board appointed Ratnakar Barve as Chairman in his place.

• Jindal Stainless: The company has supplied high-strength tempered 301LN grade austenitic stainless steel for this prestigious government project. The coaches are manufactured by Integral Coach Factory and Bharat Earth Movers Ltd.

• Sky Gold: The company approved the issuance of 4.17 lakh fully paid equity shares worth Rs 50 crore. These shares were issued as part of a share swap deal in exchange for acquiring 100% ownership of Sparkling Chains Private Ltd. and Starmangalsutra Private Ltd. rather than for cash.

• Pidilite Industries: CollTech Group, a company specialising in high-performance adhesives and thermal solutions, has signed an exclusive distribution agreement with Pidilite Industries. Under this partnership, Pidilite will be the sole distributor of CollTech’s products in India, helping both companies strengthen their market presence, especially in the electronics industry.

• MedPlus Health Services: Optival Health Solutions Private Ltd., the subsidiary company, has received two suspension orders for drug licenses for stores situated in Bangalore, Karnataka.

• Akzo Nobel India: The company has commenced the commercial production of the powder coating products from its plant at Gwalior with an installed production capacity of 5166 T per annum.

• Allcargo Logistics: Ecu Worldwide Korea Co. Ltd., a joint venture company of Allcargo Logistics Ltd, has incorporated a company in the name of Allcargo ULS Terminals Co. Ltd., “Allcargo ULS Terminals.”

• Nucleus Software Exports: The company's buyback worth Rs 72 crore is to open on Sept. 9 and close on Sept. 13.

• Venus Pipes: The Revenue Intelligence Directorate conducted a search at the company's corporate office over alleged evasion of customs duty on goods imported. The company has deposited Rs 5 crore as duty.

• Matrimony.com: The board approved Rs 72 crore buyback at Rs 1,025 per share.

• Dreamfolks: Introduces its latest service, catering to travellers on highways across India.

• Camlin Fine Sciences: Board to consider fund raise by rights issue of equity shares on Sept. 10

GIFT Nifty was at 25,136.50, down by 63 points, or 0.25% as of 06:38 a.m.

Asian indices were mixed in the early trade with South Korea's Kospi, trading more than 1.3% lower at 6:37 a.m., while Japan's Nikkei and Australia's ASX 200 were flat.

Trading in Hong Kong will be shut on Friday as the country is battered by Super Typhoon Yagi. 

US stocks faltered as Wall Street's anxiety intensified just hours before the eagerly awaited US jobs report. S&P 500 ended 0.30% lower at 5,503.41, extending its decline into a third consecutive day, despite some gains among major tech stocks. The Dow Jones ended 0.54% lower at 40,755.75. However, Nasdaq Composite ended 0.25% higher at 17,127.66.

Meanwhile, Treasury yields remained relatively stable, with traders anticipating more than 100 basis points in Federal Reserve rate cuts for 2024, suggesting a substantial reduction may be on the horizon before the year ends.

Brent crude was trading 0.12% higher at $72.78 a barrel as of 6:30 a.m. and gold was flat at $2,516.03 an ounce.

India's benchmark indices ended lower on Thursday, dragged down by heavyweights Reliance Industries Ltd. and Bharti Airtel Ltd. The NSE Nifty 50 extended decline for the second day to end 53.60 points, or 0.21% lower at 25,145.10, while the S&P BSE Sensex fell for the third straight session to settle 151.48 points, or 0.18% down at 82,201.16.

Overseas investors remained net buyers of Indian equities for the fifth consecutive session on Wednesday. Foreign portfolio investors mopped up stocks worth Rs 975.5 crore, while domestic institutional investors stayed net buyers for the third consecutive day and purchased equities worth Rs 97.4 crore, according to provisional data from the National Stock Exchange.

The Indian currency closed at a record closing low of 83.98 against the US dollar.