Ashoka Buildcon, Sadbhav Infrastructure, Dilip Buildcon, TeamLease and Blue Star gained 1-2.5 percent.

The market extended losses as the Sensex fell more than 200 points and the Nifty was trading below the 10,200 levels, dragged by banks.

With today's fall, the Nifty corrected 1,000 points from its record high of 11,171.55 on January 29, 2018.

PSU Bank is the biggest loser among sectoral indices, falling 4 percent after the investigation in PNB fraud case deepened.

The PNB share price lost nearly 4 percent as its MD and CEO Sunil Mehta appeared before Serious Fraud Investigation Office after being summoned in fraud case.

The Cabinet may consider a relief package for the financially-stressed telecom sector, a senior government official said.

The proposal is based on the recommendations of the inter-ministerial group (IMG) on the revival of the sector, and includes extending the duration of spectrum payment for telcos.

The Cabinet could consider relief measures for telecom industry at its meeting today, the official said on condition of anonymity.

As part of relief measures for the debt-ridden telecom sector, the Telecom Commission had earlier concurred with the IMG recommendation to extend the time period for the payment of spectrum bought in auctions by operators to 16 years from the current 10 years.

Benchmark indices extended losses in late morning deals as the Sensex was down 160.66 points to 33,156.54 and the Nifty fell 58.50 points to 10,190.80, weighed by banks.

Nifty PSU Bank index slumped 3 percent and Nifty Bank lost over a percent while Nifty Midcap index dropped 1.4 percent.

About four shares declined for every share rising on the BSE.

Speaking at Convergence India 2018, Sinha termed 5G "one of the most important, emerging" areas and said the country has taken steps to set up a test bed for this technology.

"We are keen to collaborate with other nations that are engaged in this endeavour, so we are a leader not a follower in assessment, refinement and adoption of 5G technology," Sinha said.

He noted that the 5G push will act as a "catalyst" for India's flagship Digital India mission.

Shares of ICICI Bank slumped over 3 percent intraday as the bank's senior officials were summoned by the Serious Fraud Investigation Office (SFIO) with regard to the PNB scam.

It is the sixth straight session of fall for the stock and has slumped 12.75 per cent since February 26.

Senior officials from private sector lenders ICICI Bank and Axis Bank appeared before SFIO yesterday with regard to a probe into the Rs 12,636-crore PNB swindle.

The IPO activity in March is expected to be led by companies such as state-owned Hindustan Aeronautics, Bandhan Bank and ICICI Securities, according to a media report quoting at least four people aware of the developments.

These companies together are looking to raise more than Rs 12,000 crore via IPOs, the report said.

"The selloff by foreign investors (FIIs) that we have witnessed in the recent past is expected to be offset by the liquidity flows into equities from the domestic household savings. We believe that as long as this remains strong, volatility should remain curbed to a large extent," Nitasha Shankar, Senior Vice President and Head of Research at YES Securities (I) Ltd said.

However, given the high expectations from the earnings – as gauged by the higher multiples that the markets are garnering – as well as the many state elections lined up this year; he expects 2018 to be fairly volatile.

"The year will not be anything like 2017, where we saw a run up across the board. A stock specific approach is the way to go," he said.

Benchmark indices remained under pressure amid volatility, dragged majorly by banks and oil stocks.

The 30-share BSE Sensex was down 115.33 points at 33,201.87 and the 50-share NSE Nifty fell 44.90 points to 10,204.40.

Midcaps continued to underperformed as the Nifty Midcap index falling over half a percent. About three shares declined for every share rising on the BSE.

PSU Bank was the biggest loser among sectoral indices, falling 2 percent amid deepening PNB fraud case.

Shares of Gitanjali Gems plunged by another 5 percent as CBI tightened the noose on PNB offenders by arresting the vice president of Gitanjali Group of Companies.

The agency yesterday arrested Vipul Chitalia in the Rs 12,636-crore PNB scam and claimed that he was a "mastermind" who reported directly to diamond trader Mehul Choksi.

This is the 15th straight session of fall for the stock. It has lost as as much as 80 percent since February 14, the day PNB fraud came to light.

The rupee wiped out opening gains to trade 1 paise lower at 64.97 against the US dollar. It touched an intraday low of 64.99 and high of 64.87 in morning.

Yesterday, the rupee had gained 16 paise to close at 64.96 on steady unwinding of dollars by exporters and corporates.

Foreign portfolio investors (FPIs) bought shares worth Rs 620.08 crore yesterday, as per provisional data released by stock exchanges.

Free Stock Cash Tips and recommendations with full executive’s support >> Best Stock Option Tips Provider or One Missed Call on @9644405056 to subscribe us!