Markets extended losses to end lower for the seventh straight day on profit taking in index heavyweights.
The 30-share Sensex ended down 88 points at 20,194 and the 50-share Nifty ended down 28 points at 5,990.
The rupee firmed up against the US dollar and was trading at day's highs in late noon trades at 63.42 compared with TUesday's close of 63.71.
The rupee firmed up on widespread speculation the Reserve Bank of India may be considering extending its swap facility window to provide dollars to state-run oil companies.
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