Micro-finance not doing well at the markets today. Know why

India's largest micro finance lender bore the brunt of large scale selling after it failed to be on the Reserve Bank of India's list of 10 companies given the license to set up small banks. SKS Micro plunged 17.4 percent to 372.45 rupees, making it the top loser in the derivatives space.

POWER FIN CORP, RURAL ELECTRIFICATION CORP: Power sector financiers were in heavy demand after the government said it would take steps to relieve pain in the indebted State Electricity Boards which are unable to make payments to power producers, who in turn seek loans from PFC and REC. As a consequence, PFC rose 2.8 percent to 233 rupees and REC added 3.4 percent at 261.85 rupees.

BANK STOCKS: Private sector lender Axis Bank and PSU powerhouse Bank of Baroda led the sector higher after the US Federal Reserve delayed its much feared interest rate rise as it felt the timing was not right as of now. Axis Bank gained 4.5 percent to 516.35 rupees and Bank of Baroda added 7.45 rupees at 190 rupees.

TATA MOTORS: India's largest vehicle maker fell 2.5 percent to 329.50 rupees after group company Tata Steel sold 3.85 crore Tata Motors' shares to institutions at a price of 324.67 rupees each, raising more than 1,260 crore rupees. The sale price was at a slight discount to the current market price.

ENTERTAINMENT NETWORK INDIA Ltd.: The nation's top FM radio company rose 5.6 percent to 691.70 rupees after it won licenses to launch operations in 7 cities, which are Chandigarh, Kochi, Kozhikode, Jammu, Srinagar, Guwahati and Shillong. The auction was the phase III of auctions for radio waves.

ARSS INFRASTRUCTURE Ltd.: Roads construction company ARSS Infra gained 0.5 percent to 32.30 rupees after it announced it had bagged a 148 crore rupee order to execute a roads project in Odisha.

GMR INFRASTRUCTURE Ltd.: Rose 3.7 percent to 12.70 rupees after its group company GMR Energy won gas allocations for 2 of its units in Andhra Pradesh.

(Image credits: Indiatimes)