Sensex, Nifty end lower for 2nd session, down 0.8%; Infosys sheds 5.4%

Catch all that happened in the market today

10:59 AM

Buzzing stock

Bajaj Electricals gained over 2% to Rs 336 after the company announced that it has bagged an order from Transmission Corporation of Telangana worth Rs 391.45 crore. 

10:27 AM

All but two stocks in green on Nifty IT index

 

Nifty IT index was marginally lower. Only two stocks, Infosys and Tata Elxsi, were trading in red among 10 constituents.  

Source: NSE

 

10:14 AM

Buzzing stock

 

Infosys hits 3-year low as buyback fails to cheer Street. READ MORE

10:01 AM

Brokerages downgrade Infosys

 

Most brokerages have re-calibrated their earnings and profit growth forecasts for FY18 and FY19. READ MORE HERE 

9:47 AM

Buzzing stock

 

ICICI Bank was the top gainer on Sensex in early trade and added nearly 2% to Rs 299 after the country’s largest private sector lender reduced its savings bank rates by 50 basis points on Friday.  

9:36 AM

Sensex heatmap at open 

Source: BSE

9:33 AM

Infosys stares at turbulence

 

Infosys might have to prepare itself to lose clients and key executives who supported the software-plus-services model that former chief executive Vishal Sikka had pioneered, as they become easy targets for rivals to poach in an uncertain business environment, company insiders and experts said. READ FULL REPORT HERE

9:30 AM

Infosys buyback fails to enthuse investors 

The stock tanked further over 3% to Rs 882 after over 13% fall recorded on Friday.  The company on Saturday announced that it would buy back shares of up to Rs 13,000 crore, or 4.92% from investors at Rs 1,150 per share. Meanwhile, on Friday Vishal Sikka resigned from the post of MD & CEO. 

9:23 AM

Broader markets

 

The BSE Midcap and the BSE Smallcap indices outperformed the benchmarks by rising 0.5% each. 

9:22 AM

Markets at open

 

At 9:20 am, the Sensex was trading at 31,590, up 66 points, while the broader Nifty50 was ruling at 9,867, up 29 points. 

9:15 AM

Nifty outlook by Geojit Financial Services 

A 100-point range is expected to hold today’s moves, with low chances of directional moves even in the event of penetration of this range. Oscillators in 4 hours charts look neutral supporting this view, while ADX indicates that strength of the trend has weakened considerably, setting up room for volatility.

9:14 AM

Stocks in news

 

Infosys, Indian Oil Corporation, Indian Hotels, Reliance Communications, ICICI Bank, Bajaj Electricals, Magma Fincorp, Fortis Healthcare 

9:11 AM

Infosys buyback

Infosys on Saturday announced that it would buy back shares of up to Rs 13,000 crore, or 4.92 per cent, from investors at Rs 1,150 per share. The buyback price is a 24.5 per cent premium over Friday’s closing price of Rs 923. CLICK HERE FOR DETAILS 

9:09 AM

Pre-open trade

The S&P BSE Sensex was trading at 31,609, up 85 points, while the broader Nifty50 was ruling at 9,865, up 28 points in pre-open trade. 

9:07 AM

Prerana Desai, V-P (research), Edelweiss Agri Services and Credit, Edelweiss Agri Value Chain

 

Mustard seed prices in the spot market are trading at Rs 3,911 a quintal. Weak demand from processors due to negative margins might weigh on prices in the coming days. CLICK HERE FOR MORE COMMODITY PICKS