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  1. Sensex slips after opening strong; Infosys remains up on share buyback, HDFC twins drag

Sensex slips after opening strong; Infosys remains up on share buyback, HDFC twins drag

Indian stock markets fell in the mid-morning trade after a strong opening for the third consecutive session on Thursday on profit-booking and a weaker opening in European stocks.

By: | Updated: August 17, 2017 2:12 PM
BSE Sensex which gained over 150 points in the opening trade was trading lower 33 points lower at 31,720.43 points.

Indian stock markets fell in the mid-morning trade after a strong opening for the third consecutive session on Thursday on profit-booking and a weaker opening in European stocks. BSE Sensex which gained over 150 points in the opening trade was trading lower 33 points lower at 31,720.43 points and NSE Nifty 50 also trading down 0.06% at 9,891.75 points. However, a decrease in geopolitical tensions between the United States and North Korea led the gains in Asian markets.

Shares of India’s second largest software services exporter Infosys, rose as much as 4% to Rs 1,014.8 after the company said on Wednesday its board would consider a proposal to buy back shares at a meeting later on 19 August. Infosys did not disclose details of the proposed share buyback in the intimation sent to the stock exchanges on Wednesday yet, however, previous news reports have pegged its size to be at around Rs 16,000-17,000 crore. Infosys shares surged on the news, rising as much as 4% on Thursday morning to the day’s high of Rs 1,015 on BSE.

Shares of heavyweights companies HDFC, HDFC Bank, TCS, Maruti Suzuki, Kotak Mahindra Bank, State Bank of India were the major contributors in the down surge of benchmark indices. Collectively these stocks added over 100 points in the Sensex drop while on the other hand Infosys, Reliance Industries, ITC, Coal India and Bharti Airtel trimmed the losses.

The lead gainers on the Sensex other than Infosys includes Coal India (up 3.69%), Bharti Airtel (up 2.11%), NTPC (up 1.5%), Reliance Industries (up 0.9%) and ITC (up 0.59%). Forex and money markets are closed today on account of ‘Parsi New Year’.

US stocks ended slightly firmer on Wednesday but off the day’s highs as worries mounted over President Donald Trump’s agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation. The Dow Jones Industrial Average rose 0.12% to end at 22,024.87 points

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