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During the first-half of FY24, 20 companies have together raised ₹18,500 crore through QIPs, while another dozen have already announced plans to raise up to ₹25,000 crore through this route.

"While RBI is expected to hold rates, the global factors like the rising bond yields and higher interest rates have led to negativity in the banking space," said Andrew Holland, CEO-Avendus Capital Alternate Strategies. "The support levels for the banking index are hovering over at 42,000 levels." The Nifty Bank index closed at 43,964.

The move comes barely two weeks after JP Morgan included India in its Global Government Bond Index-Emerging Markets (GBI-EM) global index suite starting June 2024.

The Sensex dropped 286 points, or 0.4%, to close at 65,226. Nifty declined 90.3 points to close at 19,438. Both indices had fallen as much as 1% earlier in the day but managed to cut losses thanks to late strength in IT stocks.

Meanwhile, the U.S. services sector slowed in September as new orders fell to a nine-month low, but the pace remained consistent with expectations for solid economic growth in the third quarter.

Revenue in the quarter was marginally lower on a year-on-year basis, dragged by pricing corrections in key domestic portfolios over the last 12 months, which will progressively come into the base going ahead, Marico said.

Major growth stocks Microsoft, Amazon.com, Nvidia, Alphabet and Tesla gained between 1.5% and 4.4%. Consumer discretionary stocks rose 1.4% and led gains among the major S&P 500 sectors, while energy shares took the worst hit and were down 3.0% as crude prices fell on demand concerns

The report eased the outlook after a stronger-than-expected U.S. job openings report on Tuesday increased fears of even tighter monetary policy to curb a resilient U.S. economy.

Indian frontline indices ended Wednesday in the red for the second successive session led by declines in auto, bank and metal stocks.