Nifty ends October series above 10,300, Sensex gains 105 points

3:30 pm Market Closing: Equity benchmarks ended at fresh record closing high on last day of October series.

The 30-share BSE Sensex rose 104.63 points to 33,147.13 and the 50-share NSE Nifty was up 48.40 points at 10,343.80.

Maruti Suzuki, HDFC, L&T, Vedanta, Bharti Infratel, IOC, HPCL, BPCL, Cipla, Yes Bank and Sun Pharma gained 1-5 percent.

3:20 pm Merger: Sources told CNBC-TV18 that the final call on proposed IDFC-Shriram merger is likely in next few days as both companies' top management may hold crucial meeting next week.

It is learnt that IDFC and Shriram Capital's USD 12 billion proposed merger faced resistance. Valuation mismatch and strong resistance from shareholders are key concern for merger.

Shareholders of both IDFC & Shriram are unhappy with valuations of merger, sources said.

3:10 pm Housing sales dip: Housing sales dropped 18 percent year-on-year to 44,755 units in nine major cities during the September quarter on continued slowdown in the property market, a report said today.

New launches of homes fell by 53 percent to 22,115 units in the second quarter of the current fiscal due to the implementation of new real estate law RERA, said the report by realty portal PropTiger.com.

It said seven cities -- Pune, Noida, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad -- witnessed decline in sales as well as launches, while only two cities Mumbai and Gurugram saw rise in demand and supply.

"The new RERA and GST regime impacted launches as well as sales in the second quarter of FY18. However, sales showed a marked improvement in September over July and August, driven by festival offers launched by most developers," said Ankur Dhawan, Chief Investment Officer, PropTiger.com.

3:01 pm Market Check: Equity benchmarks remained higher in afternoon, with the Nifty hitting a fresh record high of 10,348.70, aided by oil & gas, metals, select banks and technology stocks.

The 30-share BSE Sensex was up 77.37 points at 33,119.87 while the 50-share NSE Nifty rose 39 points to 10334.40 ahead of expiry of October futures & options contracts.

About 1,322 shares advanced against 1,235 declining shares on the BSE.

2:46 pm USFDA approval: Sun Pharmaceutical Industries today said its subsidiary has received approval from the US health regulator to market generic version of GSK's Coreg CR, extended release capsules in the American market.

One of the company's wholly-owned subsidiaries has received final approval from US Food and Drug Administration (USFDA) for the generic product in strengths of 10mg, 20mg, 40mg and 80 mg, Sun Pharma said in a statement.

Coreg CR extended release capsules are indicated for treating various heart conditions, including heart failure and high blood pressure.

As per IMS, Coreg CR had annual sales of around USD 208 million in the US for the 12 months ended August 2017.

2:40 pm Results: Home appliances maker Whirlpool of India reported a 25.08 per cent increase in net profit at Rs 73.45 crore for the quarter ended September 30.

The company had posted a net profit of Rs 58.72 crore in the corresponding period last year.

Total income during the second quarter went up by 24 per cent to Rs 1,187.35 crore from Rs 957.53 crore in the year-ago period, Whirlpool of India Ltd said in a BSE filing.

2:25 pm IPO frenzy continues: Footwear retailer Khadim India expects to raise Rs 543 crore through initial public offer next month, with the company fixing a price band of Rs 745-750 per share.

The IPO will open for subscription from November 2-6, the company said in a statement.

Khadim India's initial public offer (IPO) comprises fresh issue of equity shares aggregating up to Rs 50 crore besides, an offer for sale of up to 65,74,093 equity shares by the existing shareholders.

The company's promoter Siddhartha Roy Burman would sell 7.22 lakh equity shares, while Fairwinds Trustees Services Pvt Ltd would offer 58,52,093 scrips.

2:10 pm Market Check: Equity benchmarks extended gains amid volatility in afternoon, with the Sensex hitting fresh record high of 33,151.26.

The 30-share BSE Sensex was up 84.36 points at 33,126.86 and the 50-share NSE Nifty rose 35.40 points to 10,330.80.

The NSE Midcap and Smallcap indices gained 0.7 percent each, outperforming benchmarks.

1:59 pm Results: Jubilant Foodworks reported better-than-expected earnings for the September quarter as it reported net profit at Rs 48.5 crore against Rs 21.6 crore in the previous quarter. The number came in much higher than CNBC-TV18's estimates at Rs 27.5 crore.

The Domino's Pizza operator posted revenues of Rs 726.6 crore, up 9 percent from Rs 665.5 crore in the same period of last year.

On an operating level, the earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 58.9 percent at Rs 102.2 crore against Rs 64.3 crore year on year. Meanwhile, the operating margin came in at 14.1 percent against 9.6 percent year on year. The tax expenses were reported at Rs 24.8 crore against Rs 10.4 crore year on year.

1:50 pm Divestment: Government think-tank Niti Aayog has recommended strategic disinvestment of 34 sick public sector units so far, its CEO Amitabh Kant said today.

The Prime Minister's Office (PMO) had asked the think-tank to look into the viability of sick state-run companies.

"We have recommended 34 sick PSUs for strategic disinvestment," Kant said at Crisil India Infrastructure Conclave here.

The government has budgeted to raise Rs 72,500 crore through stake sale in PSUs in the current fiscal. This includes Rs 46,500 crore from minority stake sale, Rs 15,000 crore from strategic disinvestment and Rs 11,000
crore from listing of PSU insurance companies.

1:40 pm Earnings: Non-banking finance company L&T Finance Holdings' second quarter (July-September) consolidated profit grew by 47 percent year-on-year to Rs 362.5 crore, backed by other income and lower tax expenses. It was higher than CNBC-TV18 poll estimates of Rs 310.1 crore for the quarter.

Profit for the quarter ended September 2016 stood at Rs 246.61 crore.

Asset quality weakened a bit on sequential basis as gross non-performing assets (NPA) increased 9 basis points QoQ to 5.8 percent but net NPA was unchanged at 3.31 percent in Q2.

1:29 pm UBS on recap plan: The recapitalisation programme for public sector banks is likely to boost equity market sentiment as it fuels growth recovery hopes, but should be followed up with structural changes at such banks for better results, says an UBS report.

According to the global financial services major, though the recapitalisation amount may create a supportive environment for growth, it may not drive growth by itself.

"We think this capital infusion can ease Ind AS adoption for state-owned-enterprise (SOE) banks and accelerate non-performing loan (NPL) clean-up," UBS said in the research note.

The report however noted that "this one-time bailout would be wasted if it is not followed up with structural changes at SOE banks (in terms of HR practices, incentive structures and independent boards)".

PSU bank recapitalisation however may lead to better long-term growth prospects.

1:19 pm ICRA on infrastructure plan: The cabinet has approved the proposal for Bharatmala Pariyojana Phase-I along with other programmes which involve national highway development of around 83,000 km (including Bharatmala Pariyojana Phase-I is 24,800 km) by the financial year 2022. This could result in a significant jump in annual awards – more than 25,000 km per annum over next three years and consequently provides huge opportunities for construction companies but the target seems highly ambitious, says ICRA.

Also, the success of the programme largely depends on the pace of land acquisition along with other requisite approvals, it says.

After National Highways Development Project (NHDP), Bharatmala Pariyojana is the largest road development programme to be undertaken by the government of India.

1:15 pm Shareholders' nod not needed for resolution plan under IBC: Providing clarity, the government today said resolution plans under the Insolvency and Bankruptcy Code does not require approval of the shareholders.

The clarification comes against the backdrop of concerns in certain quarters about the possibility of promoters of a company blocking insolvency resolution process under the existing provisions of the Code.

Provisions of Section 30 and 31 provide a detailed procedure from the time of receiving the resolution plan by the insolvency resolution professional to its approval by the adjudicating authority, the corporate affairs ministry said in a circular.

"... there is no requirement for obtaining approval of shareholders/ members of the corporate debtor during this process," it added.

1:12 pm Stricter norms for teleco: The Telecom Regulatory Authority of India (TRAI) is likely to cut down the number of days – currently 90 – a service provider gets to allow calls generated from another service provider's network to start terminating on its own, an official familiar with the development told Moneycontrol.

This change is part of the broader set of recommendations that the regulator is expected to frame on the subject of interconnection. The official said a decision on the quantum of reduction hadn't yet been taken yet.

The recommendations on the subject, expected to be issued in a fortnight or so, will be an amendment to the existing policy.  The official said the new guidelines would aim to bring in more transparency and a level-playing field in the sector while cutting down scope for litigation.

1:10 pm Buzzing: Continuing to fall for the second straight session, shares of Reliance Communications today fell by nearly 5 percent amid buzz that the debt-ridden company is planning to shut down its wireless telephony business.

After a weak opening, shares of the company further lost 4.55 percent to Rs 15.70 - 52-week low - on BSE.

The stock had fallen by over 3 percent yesterday. On Tuesday it had declined by 3.95 percent.

RCom plans to shut down its loss-making wireless telephony business by November 30 and concentrate only on 4G Internet services, according to sources.

"As already announced on October 1, 2017, RCom has decided to adopt a 4G-focused strategy for profitable growth of its wireless business.

Accordingly, RCom will be optimising its 2G and 3G footprint, and related infrastructure and human resources, with effect from November 30, 2017," the company said in a statement yesterday.

1:01 pm S&P Rating on recapitalisation: S&P Global Ratings today said the
Rs 2.11 lakh crore capital infusion into PSU banks will help dealing with bloated balance sheet and enable banks to take 'haircuts' on their non-performing loans.

The government plans to infuse capital totalling Rs 2.11 lakh crore (USD 32.4 billion) into the banks. That's much larger than its previous infusions over the past few years. This is around 35 per cent of the current Tier-1 capital of public sector banks.

"The government's proposed capital infusions step will help address the banks' bloated balance sheets, which are partly constraining the economy. We believe the government's efforts should enable banks to take necessary 'haircuts' on their corporate nonperforming assets," S&P Global Ratings
credit analyst Amit Pandey said.

The non-performing loans in the banking sector are estimated to have touched Rs 10 lakh crore.

12:53 pm Earnings: Public sector lender Vijaya Bank's September quarter net profit grew by 20 percent to Rs 185.5 crore against Rs 154.5 crore reported during the same period last year.

The bank's net interest income-difference between interest earned and appended- rose by 22 percent to Rs 1,008.4 crore against Rs 827.8 crore year on year.

Asset quality witnessed an improvement as gross NPAs were reported at Rs 6,648.6 crore against Rs 6,812.2 crore in the previous quarter, while net NPAs were reported at Rs 4,472.9 crore. This was reported at Rs 4,784.3 crore in the June quarter.

The gross NPA ratio was at 7.06 percent against 7.3 percent quarter on quarter, while net NPAs were seen at 4.86 percent against 5.24 percent.

12:48 pm Market Check: Equity benchmarks turned positive amid volatility today, ahead of October derivative contracts expiry.

The 30-share BSE Sensex was up 17.68 points at 33,060.18 and the 50-share NSE Nifty rose 17.40 points to 10,312.80.

The market breadth also turned positive as about 1,334 shares advanced against 1,093 declining shares on the BSE.

The S&P BSE PSU index rallied over a percent, in addition to 8 percent upside seen in previous session after Rs 2.11 lakh crore recapitalization plan.

12:42 pm ECB meeting expectations: The European Central Bank (ECB) talked about shorter extension of QE (quantitative easing) program with a smaller cut in bond buys versus a longer extension with a bigger cut in volumes.

"But contrary to that, the central bank would adopt the latter and look to cut the existing 60 billion euro per month bond buying to 30 billion. ECB's current scheme is likely to expire this December and now the central bank is under pressure to decide what to do. Recent inflation data reading suggest that the ECB is still behind achieving its inflation target of 2% making it hard for the central bank to normalise interest rates and start trimming its massive bond buying program," Motilal Oswal said.

12:35 pm Europe Trade: Markets in Europe opened lower as investors digest new earnings reports and wait to hear from European Central Bank (ECB) President Mario Draghi.

The pan-European Stoxx 600 was 0.14 percent lower with sectors moving in opposite directions.

12:25 pm Will Rs 2.11 lakh crore recapitalisation plan impact fiscal deficit?: The massive Rs 2.11 lakh crore capital infusion in public sector banks may make the 3.2 percent fiscal deficit target for 2017-18 difficult to achieve if two-thirds of the planned recapitalisation bonds are issued by
the government, Fitch Ratings said today.

The announcement made on Tuesday "is a significant change from the drip-feed approach pursued over the last few years and should help address the capital shortages that are a major negative influence on the viability ratings of the banks," it said.

Of the total Rs 2.11 lakh crore, Rs 1.35 lakh crore would be in the form of recapitalisation bonds, while the rest would involve a combination of already announced budgetary support and capital raisings by the banks themselves from the capital markets.

"The recapitalisation plans could make this target more difficult to achieve if recapitalisation bonds are to be issued by the central government, which might mean expenditure cuts elsewhere.

12:12 pm IPO subscription: Reliance Nippon Life Asset Management's Rs 1,542-crore IPO has been oversubscribed 4.8 times so far.

The reserved category of qualified institutional buyers saw oversubscription of 6.1 times, HNIs 11.5 times and retail investors 1.2 times.

12:05 pm RCom to focus on 4G: Debt-laden Indian telecoms network operator Reliance Communications (RCom) yesterday said it will concentrate on offering a 4G mobile broadband service in a bid to turn the heavily indebted business around.

As part of the plan RCom said its 4G services will run through an existing deal to share radio spectrum with Reliance Jio, the 4G network owned by Reliance Industries which sparked a price war when it opened for business last year.

Reliance Industries is controlled by Mukesh Ambani, the older brother of RCom's main owner Anil Ambani.

12:02 pm Buzzing: Share price of PNB Housing Finance was up nearly 3 percent after the company reported strong Q2 number for the quarter ended September 2017.

Its net profit rose 51 percent to Rs 208 crore while the company's total income for the quarter stood at Rs 1,316 crore, up from Rs 970 crore in the year-ago period.

Research and broking firm Kotak Securities has retained its sell rating on PNB Housing Finance but has increased its target price to Rs 1,250 from Rs 1,170 per share.

The research firm believes that the company continued strong growth traction despite headwinds during GST and RERA. It believes that the decline in borrowing costs and support margin is likely to lead to strong earnings growth.

11:59 am Upcoming IPO: Srei Infrastructure Finance today said the board of its wholly-owned subsidiary Srei Equipment Finance (SEFL) has approved raising up to Rs 2,000 crore through an initial public offer (IPO).

"The Board of Directors of SEFL ... has approved, subject to approval of its shareholders, marketing conditions and receipt of requisite approvals from statutory and other authorities, an IPO of its equity shares by way of issue of fresh equity shares up to Rs 2,000 crore," Srei Infrastructure
Finance said in a regulatory filing.

The SEFL's board also approved participation by the existing shareholders of Srei Infrastructure Finance in relation to such number of equity shares held by it which are eligible for offer for sale.

11:45 am Nifty Midcap at record high: The broader markets remained strong for another session today, rising 0.6 percent on top of 1.6 percent rally seen in previous session.

The Nifty Midcap 100 index hit a record high of 19,315.95, aided by SAIL, IDBI Bank, Adani Power, NMDC, Bharat Financial, Siemens, HPCL, M&M Financial, Union Bank, Emami, DHFL, Power Finance, JSW Energy, Petronet LNG and HDIL that gained 2-9 percent.

11:37 am Nifty Bank turns positive: Nifty Bank index turned positive, backed by PNB, Yes Bank, IndusInd Bank, Federal Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank that gained 0.4-3 percent.

ICICI Bank, Bank of Baroda, SBI and Canara Bank fell 1-3 percent on profit booking.

11:27 am Fitch on PSU banks recapitalisation: The recent recapitalisation plan announced by the government for public sector banks will provide substantial funds to the lenders to address the capital shortages, that has a major negative impact on their ratings, says a report.

The government recently announced to infuse Rs 2.1 trillion (USD 32 billion) in state-run lenders over a two-year period. Under the current plan, Rs 1.35 trillion of the total amount will come from recapitalisation bonds and Rs 0.76 trillion from budgetary support and fund-raising in the
capital markets over the next two years.

"The recapitalisation plans for state banks is a significant change from the drip-feed approach pursued over the last few years and should help to address the capital shortages that are a major negative influence on the viability ratings of the banks," Fitch Ratings said in a report today.

Last month, the international rating agency estimated that Indian banks would require around USD 65 billion of additional capital to fully meet the new Basel III capital standards that will be implemented by end of March 2019. It also estimated that the state banks, which account for 95 percent of the shortfall, would be dependent on the government to meet these requirements.

11:15 am Auction for biz sale: Pfizer plans to kick off an auction process for its consumer healthcare business in November, paving the way for a potential USD 15 billion-plus sale of the headache pill to lip balm business, sources close to the matter told Reuters.

Several global companies, including GlaxoSmithKline and Reckitt Benckiser, have expressed interest in bidding for the unit, which had sales of about USD 3.4 billion in 2016.

The prospective sale, which is being led by Centerview Partners, Guggenheim Securities and Morgan Stanley, was first mooted on October 10, when Pfizer said it was considering strategic options for the unit.

But preliminary discussions with interested parties including Reckitt have already taken place, one of the sources said, adding the US drugmaker wants to get the ball rolling before the end of this year.

GSK Chief Executive Emma Walmsley confirmed on Wednesday she would look "carefully" at the business.

11:09 am Order Win: Share price of KEC International added 4.8 percent in morning as it has secured orders worth Rs 1,931 crore.

The company's transmission & distribution business has secured orders of Rs 1,756 crore across India, SAARC, Middle East, Africa and the Americas.

The cable business secured orders of Rs 112 crore and railway business got orders from IRCON worth Rs 54 crore for railway electrification works in Northern India.

10:58 am Earnings Estimates: Non-banking finance company L&T Finance Holdings' second quarter consolidated profit is expected to increase 25.7 percent to Rs 310.1 crore, compared with Rs 246.6 crore in same quarter last fiscal.

Analysts feel earnings growth may remain healthy led by healthy topline & lower credit cost.

Consolidated net interest income is seen rising 16.5 percent year-on-year to Rs 1,088.5 crore for the quarter ended September 2017, according to average of estimates of analysts polled by CNBC-TV18.

Scale down of de-focused business will be key point to watch out for in Q2. At the end of Q1FY18, defocused business was at Rs 2,382 crore.

Analysts feel if gross non-performing assets come below 5.7 percent then that will be taken positively by the Street.

10:48 am Market Outlook: "We reiterated positive stance and expects the index to head towards the target of 10,600 level over the coming months as it is the measuring implication of the Bullish Double Bottom pattern formed during the last three months consolidation (10,170 to 9,700 = 470 points) added to the breakout point of 10,170," Dharmesh Shah of ICICI Direct.com Research told Moneycontrol.com

Therefore, any intermediate cool-offs should be utilised as an incremental buying opportunity. The mega PSU bank capitalisation and infrastructure booster has brought the focus back on the sectoral heavyweight Nifty Bank index which was the most prominent laggard over the last two months, he added.

10:38 am Rupee Update: The rupee appreciated by 11 paise to 64.78 against the dollar in morning amid sustained selling of the American currency by exporters and banks.

Forex dealers said that apart from weakness in the dollar against major currencies overseas, robust foreign fund inflows supported the rupee.

According to the provisional exchange data, FPIs invested Rs 3,582.50 crore on net basis in equities yesterday.

10:28 am Order Win: Larsen & Toubro (L&T) today said its construction arm has won orders worth Rs 3,551 crore across business segments.

In a filing to BSE, the engineering and construction major said its transportation infrastructure and water effluent treatment segments have jointly bagged orders worth Rs 1,123 crore in the domestic market.

Apart from the joint order, transportation infrastructure and water effluent treatment business have also received orders worth Rs 777 crore and Rs 572 crore respectively.

Its building and factories divisions have won orders worth Rs 866 crore for design and construction of 22 tower, while smart world and communication business vertical has got order worth Rs 213 crore in Gujarat.

10:19 am Buzzing: Shares of Jaypee Infratech and Jaiprakash Associates declined 5 and 12 percent respectively intraday Thursday after the Supreme Court denied to allow Jaiprakash Associates to sell its Yamuna Expressway.

The Supreme Court refused permission to embattled Jaiprakash Associates to hive-off the rights of multi-crore six-lane Yamuna Expressway connecting Greater Noida with Agra in Uttar Pradesh.

Jaiprakash Associates is a parent company of Jaypee Infratech.

The apex court, however, extended the time from October 27 to November 5 for the company to deposit Rs 2000 crore.

10:05 am HDFC Bank falls again: HDFC Bank lost over a percent today on top of nearly 4 percent loss in previous session.

The Reserve Bank of India has asked HDFC Bank to classify a project loan account as a non-performing asset (NPA), the bank said in a communication a day after it disclosed its second quarter results.

"The bank has received communication from the regulator advising it to classify the said account as a non-performing asset. The same has been duly complied with," HDFC Bank said in a statement.

The second largest private bank refused to disclose the amount of exposure and name of the loan account.

The NPA will be accounted for in the third quarter.

Paresh Sukthankar, Deputy Managing Director of HDFC Bank confirmed that almost the entire general and other provisions worth Rs 397.4 crore, was likely towards this account.

9:55 am Market Check: Equity benchmarks continued to trade mildly lower amid volatility ahead of expiry of October derivative contracts later today.

The 30-share BSE Sensex was down 51.75 points at 32,990.75 and the 50-share NSE Nifty fell 9 points to 10286.40.

The market breadth was balanced as about 911 shares declined against 891 advancing shares on the BSE.

Public sector banks rallied further as the Nifty PSU Bank index gained nearly 3 percent on top of 30 percent rally seen in previous session after Rs 2.11 lakh crore recapitalisation plan that will be spread over two fiscal years.

Oil marketing companies were on buyers' radar today as IOC, HPCL and BPCL rallied 2.5-4 percent.

9:49 am IPO: HDFC Standard Life Insurance Company, a subsidiary of mortgage lender HDFC, today said its initial public offer (IPO) will hit the market on November 7.

The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42 per cent, holding by Standard Life Mauritius, according to a regulatory filing on stock exchanges.

"We further wish to inform you that the IPO will be open for subscription by anchor investors on November 6 and by the public on November 7 and shall close on November 9. The price band for the same will be intimated in due course," it said.

According to merchant banking sources, promoters are expected to get about Rs 7,500 crore from the stake dilution.

9:42 am Market Outlook: "Derivative data suggests current month expiry may be expected in between 10,200-10,400 range. For now, we recommend holding current long in the index with a stop loss of 10,170 and any dip near 10,230 would be again buying opportunity," Rohit Singre of Bonanza Portfolio said.

"For the short term, holding above 10,100 level, we may expect Nifty to march towards 10,400-10,600 levels," he added.

9:32 am Earnings Estimates: Private sector lender Yes Bank's second quarter (July-September) profit is expected to increase 26 percent to Rs 1,008.7 crore compared with Rs 801.5 crore in same quarter last fiscal.

Net interest income during the quarter is seen rising 28.3 percent to Rs 1,855.3 crore against Rs 1,446.2 crore in corresponding quarter previous year, according to average of estimates of analysts polled by CNBC-TV18.

Analysts feel if loan growth comes above 30 percent (against 32.1 percent in Q1FY18), and net interst margin above 3.4 percent (3.7 percent) then that would be considered positive by the Street.

9:25 am FIIs flow: Foreign institutional investors (FIIs) on Wednesday bought shares worth Rs 3,582.5 crore, the highest amount of investment in a single day since June 13, 2017.

However, domestic institutional investors preferred to book some profits yesterday as they have been infusing money and supporting the market. They sold shares worth Rs 155.71 crore on Wednesday, as per provisional data available on the NSE.

9:20 am Buzzing: Share price of Quess Corp rose nearly 10 percent in the early trade on the back of strong September quarter (Q2FY18) numbers.

The company has registered 367 percent jump in Q2FY18 net profit at Rs 141 crore against Rs 30.1 crore in the same quarter last fiscal.

The company's revenue grew 25.2 percent to Rs 1,274 crore.

The company has signed definitive agreements to acquire 70 percent equity in Vedang Cellular Services with an investment upto Rs 40 crore.

9:15 am Market Check: Equity benchmarks started off the trade on a flat note Thursday, ahead of expiry of October futures & options contracts later today.

The 30-share BSE Sensex was down 47.50 points at 32995.00 and the 50-share NSE Nifty fell 16 points to 10,279.40.

About 594 shares advanced against 436 declining shares on the BSE.

SBI, PNB, Bank of Baroda and Canara Bank rallied 1-6 percent, continuing for second consecutive session after big recapitalisation plan.

Indiabulls Housing Finance, Capital First, Gruh Finance, LIC Housing Finance and DHFL were down 1-4 percent.

Polaris Consulting was up 16 percent on delisting buzz.

Quess Corp, PNB Housing Finance, Ashok Buildcon and Sadbhav Engineering rose 1-6 percent while Jaypee Infra and Jaiprakash Associates were down 5-10 percent.