The market on Tuesday closed in the red amid volatility as the expiry nears. The BSE Sensex slipped 216 points to close at 34,949 and the NSE Nifty closed 55 points lower at 10,633.

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Oil prices were mixed in early Asian trade on Wednesday, with worries that Saudi Arabia and Russia will pump more crude weighing on the market.

The rupee turned shaky and lost ground against the US currency, after three sessions, falling by a steep 43 paise to end at 67.86 on Tuesday due to heavy month-end dollar demand from importers.

Fuel prices have been cut for the first time after 16 days of a continuous rise in rates. The petrol in Mumbai is now pegged at Rs 85.65 per litre and diesel at Rs 73.20 per litre, each falling by 59 paise. In New Delhi, a cut of less than 1 percentage point means that petrol will cost 77.83 rupees per litre on Wednesday, while diesel will be sold at 68.75 rupees per litre.

Indian Oil Corp, the country's top refiner and fuel retailer, has marginally cut pump prices of petrol and diesel around India, its website showed on Wednesday.

The Bombay High Court on Tuesday referred the National Stock Exchange (NSE) versus the Singapore Exchange (SGX) case to arbitration proceedings.

Bank employees across the country will reportedly observe a two-day strike from Wednesday. The strike called by the umbrella body of nine unions is likely to affect all banking services.

The US is announcing that it will impose a 25% tariff on $50 billion worth of Chinese goods containing "industrially significant technology."

The United Arab Emirates (UAE) has banned imports of fresh vegetables and fruits from the southern Indian state of Kerala where 13 people have died due to an outbreak of the rare brain-damaging Nipah virus, the Gulf state said on Tuesday.

The CBI has registered a case against Air Asia Group CEO Tony Fernandes and others over alleged violation of norms for getting international flying licenses, officials said today.

On the earnings front, ONGC, SAIL, Berger Paints, Alkem Laboratories, Apollo Hospitals, Infibeam, Info Edge, Reliance Communications, Punj Lloyd, Bharat Dynamics, Suzlon, KNR constructions, Canara Bank, among others will declare theirquarterly results.