 "Markets extend losses; Nifty hovers around 7300")
The markets have extended their losses in mid-morning trades due to weakness in Infosys and metal space. The Sensex is quoting at 24,408, weaker by 147 points and the Nifty is at 7,298, down 31 points. The midcap and smallcap indices are, however, flat at 8465 and 9026 respectively. The CNX IT Index is the top sectoral loser on the BSE due to the weakness in Infosys.
Infosys has witnessed a sharp sell-off in wake of the resignation of newly elected president BG Srinivas. The IT bellweather has slipped below its crucial psychological support level of Rs 3000 after India's second-largest software services exporter said that its president and board member B.G. Srinivas resigned.
IT bellweather Infosys has plunged by 7% at Rs 2947 to top the losers list on the BSE. Among other IT heavyweights, Wipro has shed 1.8% at Rs 5804 and TCS is trading flat at Rs 2149. Metal stocks are also having a weak session; Hindalco has lost 1.85 at Rs 144 and Sesa Sterlite has lost 1.7% at Rs 271.
Also Read
Index heavyweight Reliance Industries is down 0.7% at Rs 1077 after a Comptroller and Auditor General (CAG) report suggests action against the company for hiring a floating production, storage and offloading (FPSO) vessel for its KG-D6 block.
On the other hand, Bharti Airtel has bucked the weak trend to top the gainers list on the BSE with gains of 1.5% at Rs 347. Tata Power has gained 1.2% at Rs 103 and Dr Reddy's has added 1.2% at Rs 2375.
In stock-specific action, Godrej Industries has strengthened in early trades after posting a huge jump in net profit for the fourth quarter and year ended March 31. The stock is quoting at Rs 301, stronger by Rs 7 or 2.5%, on the BSE.
HPCL has risen by 2.5%, quoting at Rs 417 on the BSE. It reported a net profit at Rs 4,609 crore for the fourth quarter ended March as against net profit of Rs 7,679 crore in the same period an year ago after receiving lump-sum fuel subsidy, beating the Street estimate of Rs 3,170-3,460 crore.
Escorts has dipped over 3% to Rs 122 after its net profit for the quarter ended March declined 15% to Rs 31.78 crore. The company had posted a net profit of Rs 37.47 crore in the same quarter of the previous fiscal.
Escorts has dipped over 3% to Rs 122 after its net profit for the quarter ended March declined 15% to Rs 31.78 crore. The company had posted a net profit of Rs 37.47 crore in the same quarter of the previous fiscal.
The market breadth has turned even, with 1190 gainers and 1271 losers on the BSE.