The Ministry of Finance has removed three existing companies GAIL, Engineers India Ltd (EIL) and Container Corporation of India from the CPSE ETF lot, replacing them with four new companies.

Bourses would remain closed on Wednesday and Thursday for 'Diwali Laxmi Pujan' and 'Diwali Balipratipada'. The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday.

The new ETF, which will be constituted after studying the appetite of large investors, is being planned for launch in the next financial year.

The third annual meeting between PM Modi and CEOs of top global and Indian oil and gas companies would also deliberate on ways to revive investment in oil and gas exploration and production.

According to analysts the development was a huge negative surprise also because it is likely to be construed as reversal of the autofuel price deregulation policy by investors, and return to the erstwhile subsidy sharing mechanism.

Infrastructure Leasing & Financial Services (IL&FS), a debt-laden infrastructure financing and construction company, will consider all available options to revive the firm, its new non-executive chairman Uday Kotak said.

The bears continue to tighten their grip on the markets, and the BSE Sensex and NSE Nifty both opened with heavy losses this morning.

The government has already raised Rs 22,900 crore through two tranches of Bharat-22 Exchange Traded Fund (ETF) in the domestic markets.