Market Live: Sensex slips over 200 pts, Nifty below 9850 on North Korea tensions

ACC, Bank of Baroda and Tata Power were under pressure, down 1-2 percent after NSE decided to exclude these stocks from Nifty50. HPCL and UPL gained up to 2 percent on addition in Nifty50.

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10:40 am Power pact: Union Power Minister Piyush Goyal said India has entered into a pact with Germany to improve parameters for grid integration of renewable energies.

The Ministry of New and Renewable Energy (MNRE) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH India on behalf of Germany signed an agreement on technical cooperation under the "Indo-German Energy Programme – Green Energy Corridors (IGEN-GEC)" here.

 This relationship between GIZ nad India will result in improved market mechanisms and regulations and help train manpower in India to ensure grid stability to ensure more and more integration of renewables in the country, Goyal said.

10:29 am FII View: Asian markets sink further jolted by North Korean missile test over Japan which led to buying in safe havens assets such as gold, Japanese Yen as well as US Treasuries.

“The North Korean situation is likely to continue being a short-term worry for global markets. I think going forward, markets would be volatile for a while. It would be sensible to take some risk off the table,” Manulife AMC's Geoff Lewis said in an interview with CNBC-TV18.

10:15 am Market Check: Equity benchmarks extended losses in morning as the Sensex was down 227.05 points or 0.72 percent at 31,523.77, dragged by index heavyweights HDFC, HDFC Bank, Reliance Industries and Infosys.

The Nifty broke 9,850 level, down 68.95 points or 0.70 percent to 9,843.85.

The broader markets outperformed benchmarks, though they were also under pressure. The BSE Midcap index was down 0.3 percent and Smallcap declined 0.5 percent as about 1,171 shares declined against 705 advancing shares on the BSE.

10:05 am Infosys buyback: Infosys founders are likely to sell some of their stake in the company's Rs 13,000-crore share buyback programme, the company said today.

The promoters' keenness to participate in the buyback comes within days of a silent coup by founders led by N R Narayana Murthy to seize control of India's second-biggest software services firm.

The founders and their families between them hold some 12.75 percent (29.28 crore shares) of Infosys. Murthy declined to comment on if he would participate in the buyback.

The buyback price of Rs 1,150 is higher than the current stock trading price of Rs 941.15 and is considered "reasonably good" by the firm's former CFO V Balakrishnan.

Founded in 1981 by seven engineers - all former employees of Patni Computer Systems - with an initial capital of USD 250, Infosys today has grown into over USD 10 billion company.

9:58 am Buzzing: Share price of Swan Energy gained 4 percent as it subsidiary company entered into contract with Hyundai Heavy Industries Company

Triumph Offshore, 100 percent subsidiary of company, has executed ship building contract with Hyundai Heavy Industries Company, South Korea in connection with its upcoming FSRU project at Jafrabad, Gujarat.

The contract includes the construction of one 180000 CBM LNG Floating Storage and re-gasification unit (FSRU).

9:45 am OFS opens: NTPC fell more than 4 percent in early trade on equity dilution by the government through offer for sale route.

The offer for sale issue of the country's largest power generation company has opened for subscription today and will remain opened till Wednesday.

In two days, the Government of India will a 5 percent stake (i.e. 41,22,73,220 equity shares) in the company with a greenshoe option to sell an additional 5 percent stake.

The government has set a floor price at Rs 168 per share for the sale through a stock market auction. It will get more than Rs 13,500 crore through this stake sale.

Non-retail investors are allowed to place their bids for the issue on both days while retail investors can participate in the issue on second day i.e. Wednesday.

Retail investors will get shares at a 5 percent discount to the cut-off price.

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Market Live: Midcap outperforms Sensex; Nifty holds 9,900; Infosys, L&T support

Infosys surged 4 percent as CLSA upgraded the stock to buy from underperform and raised target price to Rs 1,070 from Rs 940 after co-founder Nandan Nilekani joined the company again as non-executive chairman.

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1:20 pm Market Check: Equity benchmarks remained positive in afternoon trade, with the Sensex rising 159.67 points to 31,755.73 and the Nifty up 49.50 points at 9,906.55.

The rally was backed by Infosys (up 3.78 percent), L&T (1.38 percent) and HDFC (0.7 percent), which were leading contributors. However, Tata Motors, TCS, SBI, Dr Reddy's Labs and Tata Steel were under pressure.
 

The broader markets continued to outperform benchmarks as the BSE Midcap and Smallcap indices gained 0.8-0.9 percent. About 1,517 shares advanced against 858 declining shares on the BSE.

1:10 pm Doklam border issue ends: Two months after the Doklam standoff, both India and China have finally decided to withdraw troops from the tri-junction.

In a statement, the Ministry of External Affairs said on Monday that in recent weeks India and China have maintained diplomatic communications on Doklam.

According to sources, the troops withdrawal process was still on at the time of filing this report.

“In recent weeks, India and China have maintained diplomatic communication in respect of the incident at Doklam. During these communications, we were able to express our views and convey our concerns and interests,” the statement said.

"On this basis, expeditious disengagement of border personnel at the face-off site at Doklam has been agreed to and is on-going," the MEA statement further said.

1:00 pm USFDA nod: The US Food and Drug Administration has cleared Glenmark's Indore facility with zero 483s observations, according to sources of CNBC-TV18.

The inspection by the US health regulator at company's Indore unit was lasted for one week.

Glenmark manufactures oral solids at its Indore facility for US market.

Glenmark has no comment to make w.r.t US FDA inspection outcome.

12:45 pm Essar Steel in focus: Sources told CNBC-TV18 that Essar Steel's committee of creditors and its IRP will hold first meeting on August 31 as lenders are keen to rope in new investor for the company and change promoter.

Turnaround advisory firm Alvarez & Marsal is appointed a interim resolution professional for Essar Steel.

Sources said more than 6 companies, including JSW Steel, Tata Steel etc informally expressed interest in acquiring controlling equity stake of Essar Steel.

Global firms ArcelorMittal, SSG International, Posco, Liberty House also expressed interest in acquiring stake in the company.

Essar Steel has a debt of approximately Rs 45,000 crore to 22 lenders led by SBI.

Tata Steel told CNBC-TV18 that it is evaluating various strategic opportunities on an ongoing basis and would not like to comment on market speculation.

12:40 pm Europe trade: European markets opened on a negative note, as investors gear up for the next round of Brexit talks in Europe, while keeping a close eye on the moves in oil.

The pan-European Stoxx 600 was 0.5 percent lower with all sectors moving south. The UK's FTSE 100 will be closed today due to a public holiday.

12:30 pm Market Outlook: "Market will continue to be rangebound & move sideways," Ajay Bodke of Prabhudas Lilladher said in an interview to CNBC-TV18.

He feels the market will wait for Q2 earnings before decisively breaking recent highs. Downside on Infosys looks limited, according to him.

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Market Live: Midcap outperforms Sensex, Nifty; Infosys most active, MTNL up 12%

SREI Infrastructure shares gained 3.5 percent as Bharat Road Network IPO will open from September 6-8.

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1:55 pm Management Speak: On Monday, McDonald's India terminated its franchise agreements with Connaught Plaza Restaurants Limited (CPRL), which runs 169 restaurants in north and east India. Also McDonald's has filed an appeal with the National Company Law Appellate Tribunal (NCLT) challenging the reinstatement of Bakshi.

In an interview to CNBC-TV18, Vikram Bakshi, MD of CPRL spoke at length about the agreement.

"We go right back to the judiciary who gave me the right to come back and work in the company and to bring it back to its old glory. McDonald's doesn't want it. So I guess the decision finally have to be made, one way or the other. What you are forgetting is that I did not start this," said Bakshi.

If partners have to part, they have to part on the basis of policy of India, he added.

He further said that according to Indian policy a foreign company wanting to buy out the shareholding of an Indian partner, it can do so on the basis of fair market value.

1:35 pm Appointment: Tata Sons today announced the appointment of Roopa Purushothaman as its Chief Economist and Head of Policy Advocacy.

Purushothaman, who will join Tata Sons with effect from September 1, comes from Everstone Capital, where she was leading the research function.

"In her role, Purushothaman will drive macroeconomic research as well as all policy and advocacy initiatives as relevant to the businesses of the Tata group," Tata Sons said in a statement.

1:18 pm Market Check: Equity benchmarks continued to consolidate in afternoon, with the Nifty hovering around 9,860 level as investors looked for triggers.

The 30-share BSE Sensex was up 45.64 points at 31,613.65 and the 50-share NSE Nifty gained 12.65 points at 9,865.15.

The BSE Midcap and Smallcap indices gained half a percent each. About 1,354 shares advanced against 998 declining shares on the BSE.

Equity market will remain shut on Friday for Ganesh Chaturthi holiday.

1:10 pm Liquor stocks in focus: Investors cheered liquor stocks, as key companies in the sector rose between 2 and 15 percent intraday.

United Spirits (up 6 percent), Globus Spirits (5 percent), Pincon Spirits (8 percent), Radico Khaitan (5 percent) and United Breweries gained around 2 percent.

The development comes after a newspaper reported a clarification issued by the Supreme Court stating that the highway liquor ban does not apply within city limits. This is seen as bringing in a huge relief to these companies.

The publication further laid out what the apex court said in its order. "The purpose of the directions contained in the order dated December 15, 2016 is to deal with the sale of liquor along and in proximity of highways properly understood, which provide connectivity between cities, towns and villages. The order does not prohibit licensed establishments within municipal areas. This clarification shall govern other municipal areas as well. We have considered it appropriate to issue this clarification to set at rest any ambiguity."

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Market Live: Sensex falls nearly 400 points Sikka’s move; Nifty below 9800

ITC, M&M, Bharti Infratel and UltraTech Cement gained the most on both indices, while Infosys, State Bank of India and Bank of Baroda were the top losers.

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1:10 pm Market Check: Selling pressure on the market dominated for the larger part of the trading session so far, dragged largely by a fall in Infosys due to the exit of Vishal Sikka as its MD and CEO.

The Sensex was down 397.20 points or 1.25% at 31398.26, while the Nifty was down 108.60 points or 1.10% at 9795.55. The market breadth was negative as 628 shares advanced against a decline of 1,669 shares, while 113 shares were unchanged.

TCS, HUL, Bharti Infratel and BPCL gained the most on both indices, while Infosys, Sun Pharma, and Zee Entertainment were the top losers.

According to a CNBC-TV18 alert, the fall in Infosys contributed to almost 65 percent to the Nifty’s losses, while the stock collectively eroded market cap worth Rs 27,000 crore.
 

12:40 pm Expert Speak: VK Sharma, Head - Private Client Group, HDFC Securities said this in a statement.

"Sikka’s exit draws a long drawn out board room battle to a close. While the company did better than the industry during Sikka’s tenure, it was no where near achieving Sikka’s own $20 bn target by 2020. The forthcoming buy back may belay the stock from falling more. Sikka’s allegation that he was continuously being distracted does not wash as he had long enough a honeymoon period to make his mark."

12:28 pm Infosys' m-cap tanks: The fall in Infosys' stock has led to a steep fall in the market capitalisation of the company. It fell over Rs 16,600 crore on the back of the fall in the stock.

As of closing price on Thursday, Infosys had a market cap at Rs 2,34,554.78 crore. Meanwhile, this figure came down to Rs 2,17,924.74 crore.

12:20 pm Market Check: Indices continued to trade lower in the afternoon session, with the Nifty firmly trading below 9850.

The Sensex was down 301.30 points at 31494.16, while the Nifty was down 82.05 points at 9822.10. The market breadth was negative as 740 shares advanced against a decline of 1,498 shares, while 94 shares were unchanged.

ITC, TCS, BPCL and Bharti Infratel gained the most on both indices, while

Among global markets, European stocks were set to open sharply lower on Friday morning as investors reacted to Spain's worst terror attack in more than 13 years.

The FTSE 100 is seen 48 points lower at 7,345; the DAX is expected to open down by 84 points at 12,123 and the CAC 40 is set to open 39 points lower at 5,110.

11:55 am FII View: Small correction can be possible but the major fall is unlikely in the market as it has strong liquidity support (from FIIs as well as DIIs), Inderjeet Bhatia of Macquarie Research said.

He is not worried if the market corrects 3-5 percent from hereon, especially after more than 20 percent rally since the beginning of current calendar year.

He advised buying on every correction as fundamentals of the economy are strong and earnings recovery will start from second half of FY18 and will be strong in next financial year.

11:38 am Management Speak: The government has capped prices of orthopedic knee implants at a significantly lower rate than current market rates.

In an interview to CNBC-TV18, Suneeta Reddy, Joint MD of Apollo Hospitals Enterprises spoke about the latest happenings in her company and sector.

Capping the prices of orthopedic knee implants at lower rate is feasible, she said.

Whatever is happening with the stent or the knee is not going to impact the profitability of the entire hospital significantly, she added.

11:15 am Market Check: The decline in benchmark indices halted in the previous session, Sensex and Nifty steadying at lower levels.

The Sensex was down 243.16 points at 31552.30, while the Nifty was down 61.65 points at 9842.50. The market breadth was negative as 717 shares have advanced, 1322 shares declined, and 102 shares are unchanged.

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Market Live: Nifty manages to hold 9900, midcaps & PSU banks rally

Midcaps continued to gain, while strong movements was seen among metals as well as information technology stocks.

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10:45 am MF to invest in REIT and InvITs: UTI Mutual Fund has modified the asset allocation pattern for seven of its schemes after the Securities and Exchange Board of India allowed mutual funds to invest in REITs and InvITs, a notice from the fund house said.

The seven schemes are UTI Smart Woman Savings Plan, UTI Retirement Benefit Pension Fund, UTI Children's Career Balanced Plan, UTI Unit Scheme for Charitable & Religious Trust and Registered Societies, UTI Income Opportunities Fund, UTI Medium Term Fund, and UTI Dynamic Bond Fund.
 

 As per the applicable limits set by SEBI, at the mutual fund level, the company will allocate not more than 10 percent of units issued by a single issuer of REIT and InvIT.

10:30 am MF update: Birla Sun Life Mutual Fund renames all legal entities, prefixes 'Aditya', with an immediate effect. The name change will also be applicable for all the scheme names of the fund house.

Subsequently, Birla Sun Life Asset Management Company will be called Aditya Birla AMC, Birla Sun Life Trustee Company to be called Aditya Birla Sun Life Trustee, and Birla Sun Life Mutual Fund as Aditya Birla Sun Life Mutual Fund.

The name change is pursuant to receipt of fresh Certificate of Incorproation from Ministry of Corporate Affairs and SEBI Registration Certificate.

10:07 am Bullion Update: Gold edged up early Thursday, extending gains from the previous session, as the dollar remained subdued after minutes from the Federal Reserve's July meeting hinted at a delay in further rate hikes.

Spot gold was up 0.4 percent at $1,287.21 per ounce by 0110 GMT, after gaining nearly 1 percent the previous day.

U.S. gold futures for December delivery rose 0.8 percent to $1,293.30 per ounce.

The U.S. dollar was on the defensive on Thursday after the minutes from the Federal Reserve's last policy meeting showed policymakers were increasingly wary of recent softness in inflation and could delay a rate hike.

(With inputs from CNBC)

10:02 am Market Check: Equity benchmark indices were trading steady, marginally higher from their opening tick, with the Sensex rising almost one third of a percent. The Nifty managed to hold on to 9900-mark.

The Sensex was up 83.82 points at 31854.71, while the Nifty was up 30.30 points at 9927.60. The market breadth was positive as 1,348 shares advanced against a decline of 437 shares, while 62 shares were unchanged.

Metal stocks continued to gain, but in the broader market, midcaps and smallcaps continued to rise, which aided the rally on D-Street.

Infosys, Coal India and Vedanta gained the most on both indices, while HUL, Kotak Mahindra Bank and Zee Entertainment were the top losers.

Also Read: Nifty eyes Mount 11K in next 12 months; top 15 stocks which could outperform index

9:50 am Forex update: On account of Parsi New Year, forex and money markets will be closed today.

9:30 am Buzzing Stock: Shares of Infosys rose 3.6 percent in the early trade on Thursday as the company announced that it will consider share buyback issue on August 19.

The decision will be taken during a meeting of board of directors of the company on Saturday.

For the same purposes, the company has closing the trading window with immediate effect and the trading window will re-open on August 22, 2017.

If the buyback is approved, any offers to purchase or solicitations of offers to sell will be made pursuant to a tender offer statement on schedule to which will be filed with the US Securities and Exchange Commission by the company.

9:18 am Market Opens: Equity benchmark indices continued its positive momentum from the previous session, with the Nifty climbing above 9900 in the opening tick.

At 09:17 hrs, the Sensex was up 43.94 points at 31814.83, while the Nifty was up 10.95 points at 9908.25. The market breadth was healthy as 519 shares advanced against a decline of 252 shares, while 25 shares were unchanged.

Midcaps continued to gain, while strong movements was seen among metals as well as information technology stocks.

Infosys, HDFC, and Vedanta were the top gainers on both indices, while Bajaj Auto, HUL, Power Grid and Zee Entertainment lost the most.

Asian stocks edged up on Thursday as tensions between the US and North Korea came off the boil, while worries about President Donald Trump's ability to implement his pro-growth agenda and the Federal Reserve's concerns about low US inflation hit the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 percent in early trade.

Japan's Nikkei slipped 0.1 percent, weighed down by the yen's strength.

South Korean shares advanced 0.1 percent after the leaders of both North Korea and the United States appeared to back off from their heated rhetoric from last week.

Meanwhile, US stocks ended slightly firmer on Wednesday but off the day's highs as worries mounted over President Donald Trump's agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation.

Indexes lost some ground following Trump's disbanding of two high-profile business advisory councils after two more CEOs resigned from the manufacturing council on Wednesday in response to his comments on weekend violence in Charlottesville, Virginia.

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Market Live: Sensex, Nifty trade marginally higher; midcaps back in the green

The drag was led by a fall in banks, while pharmaceuticals and FMCG stocks were in the green.

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11:29 am Management Speak: The movie business has been weathering storms in recent months in the form of demonetisation and the Goods and Services Tax (GST), but leading cinema-exhibition company PVR has its eyes firmly set on attracting more audiences.

The company recently launched 10 more screens in Pune as part of its expansion plans, taking its screen count in Maharashtra to 160 screens across 38 properties. After Pune, cities such as Mysore, Hyderabad, Chennai and Ghaziabad will see the launch of around two to three screens each in the next few months.
 

In all, the company currently has nearly 600 screens in India and adds about 70-75 screens every year, Chief Executive Officer Gautam Dutta told Moneycontrol. The capital expenditure for each new screen is around Rs 2.5 crore on average.

Cinema's classification in the highest GST tax slab of 28 percent, however, is being considered by industry experts to be a stumbling block. Ajay Bijli, PVR's Chairman and Managing Director, has previously said that had it not been for the high GST rate, the company would have been scaling up opportunities for the domestic box office.

Dutta said that while no negative effects of GST have been felt so far, he expects the government to take the entertainment business seriously.

11:07 am Market Check: Benchmark indices were trading off the day’s low points, with the Nifty hovering 9800-mark.

At 11:01 hrs, the Sensex was up 45.85 points at 31494.88, while the Nifty traded higher by 10.85 points at 9805.00. The market breadth continued to be narrow as 1,341 shares advanced against a decline of 753 shares, while 88 shares were unchanged.

Midcaps are back in the green, while pharma, metals, IT and FMCG too gained. Banks were a laggard.

10:55 am Buzzing Stock: Jubilant Foodworks, the operator of Domino’s Pizza and Dunkin’ Donuts, gained around 6 percent intraday on Wednesday as investors cheered a target price hike by CLSA.

The global research firm increased the target price on the stock from Rs 1,600 to Rs 1,900, implying an upside of over 18 percent. Further, CLSA also raised the target PE multiple from 55 times to 60 times as well.

Affirming its positive stance is also the increase in same store sales growth (SSSG) and FY19-20 earnings per share (EPS) forecasts by 6-12 percent as well.

Here's a look at the stock's three-month chart.

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Market Live: Sensex off day's low, down 200 pts; Midcap rebounds; pharma gains

The broader markets fell more than benchmarks as the BSE Midcap and Smallcap indices were down nearly 2 percent each.

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11:10 am Market Check: Market Check: Benchmark indices recouped some early losses, led by technology and pharma stocks.

The 30-share BSE Sensex was down 205.93 points or 0.65 percent at 31,325.40 and the 50-share NSE Nifty fell 71.20 points or 0.73 percent to 9,749.05.

Infosys gained further, up 0.6 percent while SBI rebounded from early losses, up 0.5 percent ahead of earnings due later today.

Healthcare stocks, the most beaten down in recent correction, saw some short covering as Dr Reddy's Labs, Sun Pharma and Lupin gained nearly 1 percent.

Selling continued in HDFC Bank, Reliance Industries, Asian Paints, L&T, Maruti Suzuki, Adani Ports and ONGC fell up to 2 percent.

10:55 am Earnings Estimates: Country's largest lender State Bank of India is set to announce its consolidated earnings (along with other banking subsidiaries) today. Profit is expected to grow a whopping 394.2 percent to Rs 2,485.3 crore in the quarter ended June 2017, compared with Rs 502.9 crore in same quarter last year.

Net interest income, the difference between interest earned and interest expended, is likely to increase 3.7 percent year-on-year to Rs 18,767.2 crore in Q1.

Analysts feel lower trend of slippages (Rs 10,368 crore in Q4FY17) will be seen positive. If net interest margin comes above 2.8 percent then that will also be positive.

10:45 am Market Outlook: The market has been falling sharply for the fourth consecutive session, which was warranted after one-way rally seen since February.

Geopolitical tensions and the release of list of 331 shell companies by SEBI caused selling pressure.

The market has been waiting for this correction for long time, especially after one-way rally but it is very difficult to figure out the bottom, Hiren Ved, Director & CIO, Alchemy Capital Management said in an interview with CNBC-TV18.

He sees lot of opportunities in current correction.

Geopolitical tensions surrounding around North Korea is not expected to escalate further, he feels. It will be short term impact on markets, according to him.

10:30 am Market Check: Equity benchmarks recouped some losses from day's low, though it continued to see selling pressure for fourth day.

The 30-share BSE Sensex was down 220.24 points at 31,311.09 while the 50-share NSE Nifty fell 71.30 points at 9,748.95.

10:15 am Earnings Estimates: Public sector lender Bank of Baroda's first quarter profit is expected to increase 8.4 percent year-on-year to Rs 459.3 crore compared with Rs 423.6 crore in same quarter last year.

Net interest income is likely to rise 4.4 percent to Rs 3,519.6 crore from Rs 3,371.1 crore on year-on-year basis.

Slippages and operating profit growth will be key factors to watch out for. Slippages from restructured book will be seen closely. At the end of March 2017, restructured book was at Rs 10,785 crore.

Analysts said if slippages fall below Rs 3,500 crore (against Rs 4,077 crore in Q4FY17) and gross non-performing assets come below 10.7 percent (10.46 percent) then that will be positive.

Low cost deposit flow may remain strong in June quarter.

10:00 am New listing: Cochin Shipyard started off trade at Rs 466 today, higher by 8 percent over issue price.

The stock immediately crossed Rs 500 level, which was on expected lines after strong subscription of 76 times.

It was trading at Rs 528, up 22 percent.

9:50 am Pre-opening for new entrant: Cochin Shipyard share price settled at Rs 440 on the National Stock Exchange, up 1.85 percent over its issue price of Rs 432.

9:38 am Buzzing: Shares of J Kumar Infraprojects and Prakash Industries were locked at 20 percent lower circuit in the opening trade on Friday.

These shares traded for the first time today after they were banned for trading on SEBI order since Tuesday.

On Thursday evening, the Securities and Appellate Tribunal (SAT) has stayed SEBI's order against J Kumar Infra & Prakash Industries, which were among the 331 companies that the market regulator had suspected as 'shell' companies.

9:30 am Nifty Bank dropped 200 points as Federal Bank, PNB, IDFC Bank, ICICI Bank, Canara Bank, IndusInd Bank and Bank of Baroda were down 1-3 percent.

9:25 am Stocks at Day's low: Syndicate Bank, L&T Finance Holdings, M&M Financial, Bajaj Finance and Manappuram Finance fell up to 5 percent.

9:15 am Market Check: Equity benchmarks fell sharply in opening trade, with the Sensex losing more than 300 points and the Nifty trading near 9,700 level.

The 30-share BSE Sensex was down 287.79 points or 0.91 percent at 31,243.54 and the 50-share NSE dropped 93.55 points or 0.95 percent at 9,726.70.

Power Grid, Tech Mahindra and Wipro were only gainers among Nifty stocks.

The broader markets fell more than benchmarks as the BSE Midcap and Smallcap indices were down nearly 2 percent each.

About 11 stocks declined for every share rising on the NSE.

J Kumar Infra and Prakash Industries fell 20 percent each after beginning of trade for first time in last four consecutive sessions.

JP Associates, Indo Count, Balaji Telefilms, SCI and Indo Amines fell up to 6 percent. However, Gujarat Gas and MOIL rallied 4 percent after earnings.

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