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Market will not only have the weekly options expiry on Thursday, but also has monthly derivative expiry. The session will stay highly influenced by the rollover-centric activities.

Axis will pay to Citi cash consideration of approximately $1.6 billion for the acquisition of the consumer business, subject to customary closing adjustments. The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.

“The sentiments will be positive given the value of the deals and it should be taken positively because if the cash outgo was greater, then it could have been taken negatively. Near term performance after the initial popup would depend on how the overall market plays out. So there is a possibility of an initial pop up, but after that it will be more market dependent.”

However, the FPI holding value is massively down from the record $667 billion in the first half of FY22, which was an addition of a full $112 billion between April 1 and September 30, 2021, according to a previous BofA report.

Nifty Pharma closed lower, bucking the overall trend. Aurobindo Pharma fell 2 per cent while Glenmark Pharma declined about half a per cent. Ipca and Dr Reddy’s Labs , however, ended in the green.

The Nifty Pharma index was trading 0.3 per cent down at 13729.55.

The committee considered and approved allotment of 360 unsecured, subordinated, non-convertible, redeemable fully paid-up Basel III compliant Tier II bonds in the nature of debentures of face value of Rs 1 crore each, aggregating up to Rs 360 crore, it added.

The government is selling over 9.43 crore shares in ONGC with a green-shoe option of selling an equal number of shares. The total stake on the offer is up to 1.5 per cent.

To comply with Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

The current conflict between Russia and Ukraine has led to weakening of Ruble, the Russian currency, flare up in crude oil prices, and a fall in risky assets.