Market traded with narrow gains in the mid-morning trade in a lackluster session so far. At 11:18 IST, the barometer index, the S&P BSE Sensex rose 19.14 points or 0.06% at 31,587.15. The Nifty 50 advanced 7.15 points or 0.07% at 9,859.65. Market sentiment was lackluster amid pale trading in Asian bourses and lower closing on the Wall Street.
The S&P BSE Mid-Cap index rose 0.32%. The S&P BSE Small-Cap index advanced 0.33%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,208 shares rose and 965 shares declined. A total of 118 shares were unchanged.
Telecom stocks declined. Reliance Communications (down 1.08%), Idea Cellular (down 0.44%), Bharti Infratel (down 0.26%) and Bharti Airtel (down 0.15%) edged lower.
IT stocks rose. Tech Mahindra (up 1.69%), Persistent Systems (up 1.23%), Oracle Financial Services Software (up 0.16%) and HCL Technologies (up 0.05%) gained. Wipro (down 0.29%) and TCS (down 0.12%) declined.
Software major Infosys advanced 2.01% at Rs 912.50, extending yesterday's 1.98% gains on buzz the company's co-founder Nandan Nilekani is likely to return as the head of the IT bellwether. Nilekani was Infosys' CEO for five years till 2007. He left the software major in 2009 to become Chairman of the Unique Identification Authority of India (UIDAI).
Vishal Sikka, the first non-co-founder CEO of Infosys, stepped down last Friday (18 August 2017) citing continuous distractions and increasingly personal attacks on him. The Infosys Board blamed Murthy's continuous assault as the primary reason for Sikka putting down his papers. Shares of Infosys had tumbled 14.45% in two trading sessions to settle at Rs 873.50 on 21 August 2017, from its closing of Rs 1,021.15 on 17 August 2017.
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Infosys' board at its meeting held on Saturday, 19 August 2017, approved a proposal to buyback upto 11.30 crore shares, aggregating up to 4.92% of the paid-up equity capital, at Rs 1,150 per share. The maximum buyback size is Rs 13000 crore.
Meanwhile, in a fresh twist to the ongoing Infosys saga, reports suggested that the IT bellwether's board offered to resign today, 24 August 2017, paving way for Nandan Nilekani to step in as a crisis manager for the firm. The entire board of the firm, barring Punita Sinha and Roopa Kudwa have offered to resign, reports suggested. Nilekani wanted to make a comeback on a clean slate, reports added.
MEP Infrastructure Developers rose 5.42% at Rs 120.50 after the company announced that National Highways Authority of India engaged it as user fee collection agency for Chennasamudram fee plaza in Tamil Nadu. The announcement was made before market hours today, 24 August 2017.
Talbros Automotive Components gained 2.75% at Rs 190.65 after consolidated net profit rose 10.5% to Rs 2.73 crore on 4% decrease in net sales to Rs 80.02 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 23 August 2017.
Overseas, Asian stocks witnessed a mixed trend. US stocks closed lower yesterday, 23 August 2017 after President Donald Trump said he would be willing to let the government shut down if his border wall isn't funded. Delivering a warning to Democratic lawmakers who have objected to his plans to construct a wall along the US-Mexico frontier, Trump called them obstructionists and said that it was time for the US to crack down on illegal immigration.
In economic news, the Commerce Department said yesterday, 23 August 2017 that new home sales in US declined 9.4% to a seasonally adjusted annual rate of 571,000 units last month, the lowest level since December 2016.
Meanwhile, the annual Jackson Hole Economic Policy Symposium is scheduled tomorrow, 25 August 2017 in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.
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