Perpetual bonds carry no maturity date and they can be treated as equity rather than debt. Even as such bonds are not redeemable, they pay a steady flow of interest forever.The bonds are rated AAA with stable outlook by Icra and India Ratings, the bank said in a regulatory filing.

The index needs a push above 18,100 for a rally to truly blossom and once this happens, it will be a one-way ride to 18,600-18,900. There could be a lot of choppiness between 17,900 and 17,600.It is better to have a longer holding period and smaller position size and wait for that moment when Nifty50 could gap up and stay elevated for a prolonged period," Shah said.

The Nifty Pharma index closed 0.39 per cent down at 12506.15.

The Nifty IT index closed 0.36 per cent down at 27745.8.

The government has hiked the windfall profit tax on the export of diesel to Rs 13.5 per litre and on jet fuel exports to Rs 9 a litre, besides raising the levy on domestically-produced crude oil in line with the hardening of global prices.

The Fed will need to raise interest rates somewhat above 4% by early next year and then hold them there in order to bring too high inflation back down to the central bank's goal, Cleveland Federal Reserve Bank President Loretta Mester said on Wednesday.

The greenback hit a 24-year high of 139.59 against the yen in early Asia trade, a gain of about 0.5% on the previous day's close. Expectations for a 75-basis-point U.S. rate hike at next month's Federal Reserve meeting are rising on the back of solid economic data, with Fed funds futures last pointing to a 73% chance of such an increase.