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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.

“Most entities expect growth to pick up in FY2023 with a sizeable proportion of entities expecting to grow at 10-15%. Within non-banks, Micro Finance Institution (MFIs) expecting much higher growth (upwards of 20%),” rating agency ICRA said.

According to the schedule released by the RBI on Wednesday, the first bi-monthly monetary policy of 2022-23 is scheduled for April 6-8, and next will be held during June 6-8.

“The current conditions remain tough but as and when the global tensions and geopolitical issues ease off, oil prices also cool off a little bit more and the FII outflows ease out, we will start seeing inflows and should start seeing a much more sustainable rally in the broader market.”

At the interbank foreign exchange market, the rupee opened strong at 75.65 against the American dollar but soon entered the negative territory as investors dumped riskier assets. During the session, it swung between a high of 75.62 and a low of 75.97.

The Nifty Pharma index closed 0.19 per cent down at 13745.6.