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Mahindra and Mahindra Financial Services said on Wednesday the Reserve Bank of India lifted curbs placed on the company last year that had prevented it from using third-party services for loan recovery.

Euro zone government bonds likewise extended their rally from the first two trading days of 2023, with the benchmark German 10 year yield sliding 10 basis points on signs central banks are making progress against inflation.

However, Marico expects gross and operating margins to improve in the quarter as key input costs and consumer prices across key franchises saw some stability.

The 30-share BSE Sensex slumped 637 points to settle at 60,657.45. Nifty at the close settled with a drag of 1% at 18,043. From the Nifty pack, Divis Labs, HDFC Life, Maruti Suzuki and UltraTech Cement were the top gainers.

Option data suggests a broader trading range between 17,800 and 18,500 zones with an immediate trading range between 17,900 and 18,250 zones.

The Nifty IT index closed 0.98 per cent down at 28677.8.

Meanwhile, Brent crude futures dived for a second straight session, to a two-week low, on growing concerns about weak global economic conditions hitting demand. [O/R]

The price requirement is as per the current global market capitalisation cut off levels, and these levels change on a daily basis. The market cap cut-off date will be any one day in the latter half of January, the brokerage said.Shares of Power Finance Corp have risen nearly 14% since December. The stock on Wednesday snapped its seven-day winning streak.

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The benchmark Brent crude contract was down 1.9% on the day, after dropping 4.4% on Tuesday, pressured by weak demand data from China and a gloomy economic outlook. U.S. 10-year Treasury yields fell on Tuesday, after rising for the last two weeks. It was at 3.70%, down 13 basis points this week.