Sensex down 100 points; Infy, Wipro dip over 1%
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Markets continue to trade weak in the morning trades weighed by profit taking in Index heavyweights Infosys, HDFC twins and Pharma shares amid weak Asian cues.
At 10.12 AM, the 30-share Sensex is down 110 points at 26,981 and the 50-share Nifty has shed 41 points at 8,080.
In the broader markets, the BSE Mid-cap and Small-cap indices are outperforming the large counterparts and are up between 0.2-0.5%.
Market breadth is strong on the BSE with 1,253 advances and 917 declines.
Buzzing Stocks:
IT majors Infosys, Wipro and TCS are contributing nearly 50 points to the decline on the 30-share Sensex and are down between 0.5-1.5%.
Bharti Infratel has dipped over 4% to Rs 299 on National Stock Exchange on media reports that private equity fund Kohlberg Kravis Roberts and Co. (KKR) is planning to sale its entire stake in telecom tower firm.
Suzlon Energy is locked in lower circuit for the second straight day, down 10% at Rs 18.35 on National Stock Exchange, after fresh equity shares following the conversion of the company's foreign currency convertible bonds (FCCBs) began to trade from Friday, September 19, 2014.
Hotel Leela Venture has dipped nearly 7% to Rs 22.05 in early morning deals on NSE on reports that the company it has not been able to pay Rs 22.50 crore as the first installment for servicing a debt to state-owned life insurer LIC and is seeking more time for repayment.
Other Latest News
The BJP will benefit from the anti-incumbency against the Biju Janata Dal government, which is in power for an unbroken 24 years in Odisha, and a strong Modi wave to dethrone Naveen Patnaik from the helm of the state, senior saffron party leader Vijaypal Singh Tomar claimed.
In an interview with PTI, Tomar said, "There is anti-incumbency and people in Odisha have decided to change the BJD government this time. Similarly, there is a strong Modi wave across India, which has also been strongly felt in this state."
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A senior TDP leader has said the priority of the party is to "rebuild" Andhra Pradesh and take the state out of the debt trap by getting rid of the YSR Congress Party (YSRCP) government.
Telugu Desam Party (TDP) National Coordinator (Election) and ex-Rajya Sabha MP Kanakamedal Ravindra Kumar said Andhra Pradesh has suffered more losses during the Jagan Mohan Reddy government than during the creation of the two Telugu states in 2014 when resources were shared with Telangana.
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The Supreme Court on Friday issued a notice to the Election Commission of India (ECI) regarding a plea seeking to frame rules in case ‘None of the Above' (Nota) option gets the majority in elections.
Motivational speaker Shiv Khera has petitioned that the ECI treat Nota as a "fictional candidate" and to establish guidelines for conducting re-elections in constituencies where Nota garners a majority.
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The just-concluded follow-on public offer (FPO) of Vodafone Idea Limited (VIL) has not only brought relief to the struggling telecom operator but also to the three investment banks that managed the Rs 18,000 crore share sale. According to the final prospectus filed by the Mumbai-based firm, it has paid Rs 287 crore, 1.6 per cent of the issue size, as book running lead manager (BRLM) fees.
This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO).
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India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
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