Share market updates: The Sensex slid below 39,050 while the Nifty broke 11,650 on the downside
Domestic stock markets registered sharp losses amid volatile trade on Tuesday. The S&P BSE Sensex index fell as much as 373.53 points to hit 38,924.85 in late afternoon deals, and the broader NSE Nifty benchmark shed 88.2 points to touch 11,573.65 on the downside. Buying interest in banking, financial services and pharma shares was countered by a selloff in IT stocks led by Infosys, which suffered its worst single-day drop in over six years. The IT major said it had received anonymous whistleblower complaints alleging certain unethical practices. Analysts awaited quarterly earnings announcements by more large cap companies for near-term cues.
Here are highlights of the movement in domestic stock markets (Sensex and Nifty) today:
Sensex, Nifty Snap 6-Day Winning Streak
The Sensex ended 335 points or 0.85 per cent lower at 38,964 and the Nifty 50 index declined 74 points or 0.63 per cent to close at 11,588. Seven of 11 sector gauges compiled by National Stock Exchange ended higher led Nifty Pharma index's nearly 2 per cent gain. On the flipside, Nifty IT index was top loser, the index ended nearly 5 per cent lower led by losses in Infosys.
Top Nifty losers
- Infosys -16.65%
- Tata Motors -4.02%
- Bajaj Finserv -3.16%
- Bharti Airtel -2.83%
- HCL Technologies -2.79%
Top Nifty gainers:
- Dr Reddy's Labs +3.49%
- ICICI Bank +3.19%
- Bharat Petroleum +2.38%
- Titan +2.34%
- Cipla +2.14%
Kotak Mahindra Bank Profit Rises 51% Kotak Mahindra Bank
on Tuesday reported a 51 per cent rise in net profit to Rs. 1,724.48 crore for the quarter ended September 30. In a regulatory filing, the Mumbai-based private sector bank said its net interest income - or the difference between the interest earned on loans and the interest paid on deposits - rose 25.15 per cent to Rs. 3,349.59 crore in the second quarter of current financial year.
Bharti Infratel Shares Fall Over 1% After Q2 Earnings
Bharti Infratel shares fell as much as 1.66 per cent to Rs 257.45 apiece on the BSE, a day after the company reported its earnings for the quarter ended September 30. In a regulatory filing on Monday, the company said its profit after tax rose 61 epr cent to Rs 964 crore. Revenue, however, declined 1 per cent to Rs 3,638 crore. Bharti Infratel's operating profit - or earnings before interest, tax, depreciation and amortization (EBITDA) rose 25 per cent to Rs. 1,885 crore, representing an operating margin of 51.8 per cent.
At 1:24 pm, Bharti Infratel shares traded 1.15 per cent lower at Rs 258.80 apiece on the BSE, underperforming the benchmark Sensex index which was down 0.24 per cent.
Kotak Mahindra Bank Shares Fall Ahead Of Earnings
Shares in billionaire Uday Kotak-led Kotak Mahindra Bank
more than 1 per cent ahead of the earnings announcement by the private sector lender.
Kotak Mahindra Bank had reported net profit of Rs 11,360 crore for the first quarter of current financial year. Its gross non-performing assets as a percentage of total advances came in at 2.19 per cent and net interest income stood at Rs 3,173 crore in the quarter ended June 30.
Rane Brake Lining Surges After Profit Rises 40% In September Quarter
Shares in brake lining and disc pads maker Rane Brake Lining rose more than 10 per cent after the Chennai-based company reported a 40.5 per cent rise in its net profit for the quarter ended September 30. In a regulatory filing, the company said its net profit stood at Rs 7.5 crore in the July-September, as against Rs 5.3 crore in the corresponding period last year.
Its operating profit - or earnings, before interest, tax, depreciation and amortisation (EBITDA) - came in at Rs 15.2 crore as against Rs 13.1 crore in the year-ago period. EBITDA margin or operating profit margin improved 279 basis points to 13.6 per cent compared with 10.8 per cent last year.
Yes Bank, ICICI Bank Top Nifty Gainers; Infosys HCL Tech Top Laggards
Forty stocks on the 50-scrip Nifty benchmark index traded higher. Top gainers were Yes Bank, ICICI Bank, Grasim Industries and Hero MotoCorp. On the other hand, Infosys, HCL Tech and Tata Motors were top laggards.
Top Nifty Gainers Vs Losers
Top Sensex Gainers Vs Losers
|Infosys||-14.41%|All Sectors Positive Except IT
All but one sectoral index on the National Stock Exchange traded in the positive zone.
|Nifty Fast Moving Consumer Goods||+0.84%|
|Nifty Private Bank||+1.53%|
|Nifty Financial Service||+1.72%|
|Nifty PSU Bank||+2.45%|Advance-Decline Ratio Favours Gains
Market breadth favoured gains with 1,290 stocks trading higher, 983 moving lower and 173 remaining flat on the Bombay Stock Exchange (BSE) in afternoon. On the National Stock Exchange (NSE), 1,053 shares advanced, 689 declined while 402 were flat.
Market breadth is determined by comparing the number of stocks moving higher against those moving lower.
Markets Turn Flat Amid Volatile Trade
The National Stock Exchange's India VIX Index - which gauges the market's expectation of volatility in the near term - fell as much as 5.48 per cent during the session. The markets turned flat in afternoon, as gains in banking stocks countered losses in IT counters.
At 12:28 pm, the Sensex was up 3.05 points at 39,301.43 while the Nifty was at 11,678.50, up 16.65 points from its previous close.
Infosys Shares Lead Losses In IT Sector
The Nifty IT index fell as much as 4.30 per cent - its worst intraday dive since September 23. Other than Infosys, which suffered its worst single-day drop in more than six years, prominent losers on the sectoral index included HCL Tech and Tech Mahindra, which fell 2.68 per cent and 1.89 per cent respectively during the session.
Complaints Being Dealt With In Objective Manner: Infosys Chairman Nandan Nilekani
Infosys Chairman Nandan Nilekani said the complaints are being dealt with in an objective manner. He also said that one of the complaints "largely deals with allegations relating to the CEO's international travel to the US and Mumbai".
"Because the investigation is ongoing, there will be no further comment so that investigation may be conducted in a thorough and objective manner. At the appropriate time we will provide a summary of the investigations results," said Mr Nilekani. (Also read: Infosys Chairman Nandan Nilekani's Full Statement
Infosys Shares Suffer Worst Single-Day Drop In More Than Six Years
Infosys shares nosedived nearly 16 per cent in their worst single-day drop in over six years, after India's second largest IT services company said it had received anonymous whistleblower complaints alleging certain unethical practices.
While whistleblowers accused CEO Salil Parekh of leading an effort to shore up profits through irregular accounting, Infosys said one of the complaints dealt largely with allegations relating to his international travel to the US. (Read more
Sensex Down 149 Points; Infosys Down Over 14%
At 11:34 am, the Sensex was down 148.87 points - or 0.38 per cent - at 39,149.51 while the Nifty was down 22.85 points - or 0.20 per cent - at 11,639.00. Top percentage laggard on the 50-scrip index at the time was Infosys, down 14.36 per cent. Other losers included Tata Motors, HCL Tech, Tech Mahindra and Asian Paints, trading between 1.20 per cent and 3.25 per cent lower.
Infosys shares were the top loser on both benchmark indices Sensex and Nifty in morning.
Sensex Falls 261 Points From Day's High; IT Stocks Drag Markets Lower
The Sensex declined as much as 260.88 points from its day's high of 39,426.47to hit 39,165.59 on the downside, and the broader Nifty shed 75.3 points to 11,639.05 from its intraday high of 11,714.35. Losses in IT stocks - led by the sharp fall in Infosys shares - offset gains in banking and energy sectors.
Sensex Opens 65 Points Lower At 39,233, Nifty Starts Day At 11,657
The S&P BSE Sensex index opened 64.98 points lower at 39,233.40 whereas the broader NSE Nifty started the session at 11,657.15, down 4.7 points from its previous close. At 9:18 am, the Sensex traded 35.67 points - or 0.09 per cent - higher at 39,334.05 while the Nifty was up 12.80 points - or 0.11 per cent - at 11,674.65.
On Friday, the S&P BSE Sensex index had ended 246.32 points - or 0.63 per cent - lower at 39,298.38 and the broader NSE Nifty benchmark settled at 11,661.85, up 75.50 points - or 0.65 per cent - from its previous close, rising for the sixth session in a row.
Sensex, Nifty Fall In Pre-Open Market
The S&P BSE Sensex index declined as much as 0.41 per cent - or 160.22 points - to 39,138.16 in the pre-opening session. At 9:03 am, the Sensex was down 146.37 points - or 0.37 per cent - at 39,152.01 and the broader National Stock Exchange (NSE) Nifty index was down 3.25 points (0.03 per cent) at 11,658.60.
Markets Remained Closed On Monday For Maharashtra Assembly Polls Sensex, Nifty Are Up Nearly 4% In Six Straight Days Of Gain
The S&P BSE Sensex index has gained as much as 3.74 per cent - or 1,417.98 - in past six sessions -- the longest winning streak for the index since March 22. The broader NSE Nifty benchmark has risen 427.30 points during this period, clocking a gain of 3.80 per cent.
Asian Share Markets Register Mild Gains
Equities in other Asian markets made guarded gains amid optimism about a US-China trade deal. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 per cent while a holiday in Tokyo kept turnover light.
Futures for Japan's Nikkei were last seen trading 0.94 per cent lower at 22,760. South Korean stocks rose 0.9 per cent and Shanghai blue chips were flat.
All Eyes On Infosys Share Price
Infosys shares will be in focus, a day after the IT major said it had received anonymous whistleblower complaints alleging certain unethical practices.
"These have been placed before the Audit Committee as per the Company's practice and will be dealt with in accordance with the Company's whistleblower policy," Infosys said in a regulatory filing on Monday.
SGX Nifty Futures Indicate Lower Start For Domestic Markets
Domestic stock markets are likely to start Tuesday's session on a lower note. At 8:28 am, the Singapore Exchange (SGX) Nifty futures traded 58.00 points - or 0.50 per cent - lower at 11,640.50. The SGX Nifty futures are an early indicator of the National Stock Exchange (NSE)'s Nifty index in India.