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

Catch all that happened in the market today

4:00 PM

Analyst View

Vinod Nair, Head of Research, Geojit Financial Services says: Market failed to retain its opening strength due to continued pressure on IT major, despite a premium buyback announcement. Furthermore, pullout of foreign funds and persistent miss in quarter earnings led the market to consolidate.

3:59 PM

NIfty Pharma fell for the third straight session, down 1.7% for the day. PEL, Glenmark Pharma, Dr Reddy's and Sun Pharma fell between 2-3.3%

3:45 PM

All sectoral indices ended teh day in red mainly dragged by PSU Bank, IT, Realty and metal indices

Source: NSE

3:43 PM

Nifty chart for the day

Source: NSE

3:40 PM

Top gainers and losers on BSE Sensex

Only 6 stocks were trading in green in the BSE Sensex. Infosys, Adani Ports, Dr Reddy's and Lupin were the biggest laggards on the index

Source: BSE

3:37 PM

Broader markets

Broader markets underperformed the benchmark indices with BSE Midcap and BSE Smallcap down 1.4% and 1% respectively

3:36 PM

Markets at close

The markets ended lower for the second straight session after index heavyweight Infosys shed as much as 5.6% following Friday's about 10% plunge after Vishal Sikka resigned as the chief executive and managing director on the back of a fall-out with the company's founders. Multiple brokerages, including Nomura, also downgraded the stock.

The S&P BSE Sensex ended at 31,258, down 265 points while the Nifty50 index settled at 9,754, down 83 points.

3:26 PM

Asia Check

Asian shares were also fragile as investors remained unconvinced about US President Donald Trump's ability to fulfill his economic agenda, even as the departure of his controversial policy strategist raised hopes of some progress.

3:19 PM

Auto slips

Nifty Auto extended losses for the third straight session, down over 1% for the day. Only 2 of 16 stocks in the Nifty Auto index were trading in green. Amara Raja Batteries, Exide Industries, Bharat Forge and Tata Motors were the top losers on the index. 

3:10 PM

All sectoral indices were trading in red dragged by losses in pharma, PSU banks, metal and IT indices. 

3:04 PM

Markets check

 

The benchmark indices extended losses in the afternoon deals. At 3:02 pm, the Sensex was trading at 31,317, down 206 points, while the broader Nifty50 was ruling at 9,779, down 58 points.

2:50 PM

Jefferies on Sikka exit

 

The embattled Board of software major Infosys faces a daunting task in finding a suitable Chief Executive Officer (CEO) to succeed technocrat Vishal Sikka who resigned on August 18, US-based global investment bank Jefferies LLC has said.

 

"Given the acrimonious exit (of Sikka), the near-term challenge for the Infosys Board would be to find the right candidate for the CEO post and alleviate issues with the company's founder (Narayan Murthy)," Jefferies Indian arm said in a statement here.

 

"Interim challenges will also involve business continuity, especially with large clients, and preventing attrition in senior management and sales," said Jefferies India equity analyst Vaibhav Dhasmana in the statement.

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2:43 PM

Buzzing stock

Shares of Petron Engineering Construction gained nearly 3% intraday on the back of order win worth Rs 60 crore.

 

The company has received letter of intent from JSW Cement for an approximately value of Rs 60 crore

2:32 PM

Suven Life Sciences gains 

Suven Life Sciences gained 2.55% to Rs 164.95 on BSE after the company said it has secured a product patent in Japan. 

 

Suven Life Sciences announced the grant of one product patent from Japan corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these patents are valid through 2034.

2:14 PM

Broader Markets

Broader markets erased gains, in line with the frontline indices with BSE Midcap and BSE Smallcap down 0.8% and 0.4% respectively.