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Besides banks, other rate-sensitive sectors like realty and auto also ended on a weak note. Shares of Zee Entertainment Enterprises (ZEEL) ended 16% up after NLCT gave approval to the Zee-Sony merger

The Rs 9 crore issue, which opened on August 7 and closed on August 9, received bids for over Rs 2,500 crore. The IPO is completely a fresh equity issue of 21.42 lakh shares. There is no offer for sale (OFS) segment.

In July 2022, the RBI had put in place an additional arrangement for the invoicing, payment, and settlement of exports and imports in rupees. The settlement of trade transactions with other countries would require Indian banks to open Special Rupee Vostro accounts of correspondent banks of the partner countries.

Though Nifty seems to have formed a new lower top at 19645 levels on Wednesday, there is no indication of any sharp weakness from the lower highs.Nifty has been struggling to hold a short-term moving average i.e. 20 EMA mainly due to the underperformance from the banking pack.

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"After the approval of NCLT for the Sony-Zee merger, the estimated combined revenue of the merged entity is expected to be around Rs 18,000 crore in FY25, with a projected PAT of around Rs 2,500-2,600 crore. This comes as big sigh of relief for investors and analysts who have been waiting for this for more than two years. "

Sectors sensitive to domestic interest rates like banks and financial services stocks were among the top losers as Nifty Bank fell 0.76%. Meanwhile, FMCG index lost 0.91%, followed by Pharma, which was down 0.74%.

The company reported a profit of Rs 71 crore for the quarter ended June, up from Rs 6 crore in the corresponding period of the last financial year.

The Bengaluru-based company which also manufactures and distributes athleisure wear reported a 7.5% fall in its revenue from operations at 12.40 billion rupees.