Besides, Ambuja Cements, Aurobindo Pharma and Bosch Ltd will be excluded from the Nifty 50 index, while Bajaj Finserv, Grasim Industries and Titan Company will find a place in the index.
Benchmark indices slipped more than 1.5 percent in three consecutive sessions, and lost around 7 percent in three weeks from all-time record closing highs on January 29, 2018.
Promoters pledged shares worth Rs 1.98 lakh crore in the quarter gone by but the percentage of their pledged holding was reduced to 7.8% from 8.3% recorded in the September quarter.
The Midcap earnings were far better but headline growth was skewed by a few names. It’s surprising that this market has held up relatively well at clearly stretched valuations.
Fortis Healthcare, Bhushan Steel, Amtek Auto, Kaya and JSW Energy gained 1-5 percent.
The Nifty50 is likely to open lower on Tuesday tracking weak global cues and a muted trend seen in other Asian markets.
Earnings downgrade to upgrade ratio moderated on a sequential basis (QoQ) as 65 companies saw earnings cut of over 3 percent (58 in 2QFY18) and 43 companies saw earnings upgrades of over 3 percent (49 in 2QFY18).
An expert said that if Nifty sustains below 10,450, then weakness could continue towards 10,333 and then 10,276, while on the upside, immediate hurdles are seen at 10,480 then 10,550 levels
Ajay Srivastava said private banks are largely unaffected but now it is becoming banking to economy problem.
The announcement comes more than a week after leading bourses - BSE, NSE and Metropolitan Stock Exchange of India - decided to curb all licensing agreements and stop offering live prices to international exchanges.
Union Bank, Allahabad Bank, Bank of Baroda, Syndicate Bank, Bank of India, Indian Bank and Bank of Baroda shares declined 4.5-7.5 percent.
Overall benchmark indices have been in a tight range and that rangebound or consolidation is expected to continue in short term, experts suggest.
PSU Bank index slipped 2 percent as total exposure announced by PSU banks so far has been more than Rs 8,500 crore to PNB fraud case.
F&O Cues: Nifty 10600 Call added 16.8 lakh shares in Open Interest while Nifty 10500 Put shed 8.5 lakh shares in OI.
We believe markets will see some time wise correction from current levels in the broader range of 10,300-10,700 levels over the next few weeks, says Vikas Jain
Maximum call open interest (OI) of 52.38 lakh contracts stands at strike price 10,600, which will be a resistance for February series.
With bearish undertone prevailing further downside could not be ruled out. Thus low-risk hedge strategy Long Put Condor is recommended in Bank Nifty.
The Nifty has retraced only 35 percent of the decline (especially because of PNB's fiasco that panned out in the last two sessions). Hence, the index is poised for a pullback, which may also trigger FII inflow.
Traders are continuously advised to remain light and should ideally avoid any kind of bottom fishing in the near term.
The flat close in US markets on Friday and holiday in select Asian markets (China, Hang Seng) on coming Monday indicated that India may start the week on a flat note.
But investors and advisors who believe that equity investments are capable of generating linear returns over short periods of time would be best advised to revisit their beliefs.
"It would be advisable to diversify your portfolio and follow an asset allocation approach to investing for your goal, and thereby optimize your risk and returns," says Sampath Reddy, Chief Investment Officer, Bajaj Allianz Life Insurance.
"The current Indian bull market (which has delivered cumulative returns to date of 145 percent over the last four years) is all set for a final frenzy given post the “pause” in the closing months of 2016," says Saurabh Mukherjea is the CEO of Ambit Capital.
Buying futures needs a surety of the direction as the payoff is linear but Options can still help you add returns due to its Non-Linear Payoff behaviour," says Shubham Agarwal CEO & Head of Research at Quantsapp Private Limited.
The index consolidated throughout this week, a pattern which is likely to continue in the coming week as well unless it breaks above 10,600.