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At the interbank foreign exchange market, the local currency opened flat at 78.13 against the greenback and witnessed an intra-day high of 78.13 and a low of 78.40. The domestic unit finally ended at a record low of 78.40, down 27 paise over its previous close. In the previous session, the rupee had settled at 78.13 against the US dollar.

"When we talk about investor sentiment, generally people think about it more anecdotally based on what they are hearing and what people are doing. But what we try to do with this index is to quantify it using certain matrices. We put it in historical perspective. Right now we are at 92 per cent bearish reading," Vikash Kumar Jain of CLSA India said.

The Nifty IT index closed 1.16 per cent down at 27488.4.

"Gold prices traded weak with spot gold prices at COMEX trading 0.41 per cent down at USD 1,825 per ounce on Wednesday. Gold prices are struggling on a stronger dollar and weaker bond yields,

Domestic investors have to pay short-term capital gains tax on debt investments as per their prevailing tax slabs and additional 4% cess.

The next step for the two multiplex owners is to get clearance from the NCLT, which as per Nirmal Bang Institutional Equities, could take another six months. The CCI has not raised any objections over the merger in the last three months, something the Street had feared.

On the technical charts, the 200-day moving average of the stock stood at Rs 5917.2.

The stock quoted a 52-week high price of Rs 2739.95 and low of Rs 772.95.

Amid heavy outflow by foreign investors due to geopolitical tensions, high crude oil prices, growth slowdown concerns and aggressive central bank rate hike fears, Nifty is down about 16% from its all-time high touched in October last year.

The company informed the exchanges about being unable to service its obligations with respect to the interest on non-convertible debentures. The due date for the payment was June 20, 2022.