Science

Sensex, Nifty trade lower, Infosys shares fall 3%

Sensex, Nifty trade lower, Infosys shares fall 3%

In the broader market, the BSE Midcap added 0.3 per cent, while the BSE Smallcap gained 0.5 per cent. Market breadth, indicating the overall health of the market, turned negative.

Mumbai: Benchmark indices traded nearly unchanged on Monday morning after recovering from a steep decline at open, tracking mixed Asian equity markets as investors assessed that the likelihood the fallout of an American-led strike on Syria could be contained. Midcaps have fared better than benchmark indices, hinting at revival in risk appetite.

Infosys Ltd shares fell as much as 6% after the company lowered its operating margin outlook and its plan to sell Panaya and Skava.

Tata Motors Ltd shares declined over 2% after a news report said that Jaguar Land Rover is planning to cut almost 1,000 jobs as it scales back production at some of its United Kingdom sites. It was the top loser in the Nifty50 pack of stocks.

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Referred to as "market cap", it is determined by doubling a company's shares outstanding by the current market price of one share. Furthermore, the percentage of stocks above their 50-day moving average helps determine the overall health of the market.

Hero MotoCorp (2.02%), Kotak Mahindra Bank (1.88%) and Adani Ports (1.85%) were the top gainers on Sensex.

As of 10:25 am, Infosys shares traded 3.07 per cent lower at Rs 1,135.50. But, a weak dollar against major global currencies capped some losses, forex dealers said. MSCI's world equity index, which tracks shares in 47 countries, was flat on the day and a pan-European stock index was marginally lower.

Meanwhile, domestic institutional investors (DIIs) bought equities worth a net Rs 306.05 crore on Friday, as per provisional data.

Among other Asian markets, Hong Kong's Hang Seng shed 1.44 per cent, while Shanghai Composite Index was down 1.05 per cent in early trade. While the Sensex recovered about 406 points from its intra day lows and closed 112 points or 0.33% higher at 34,305 level, the Nifty rose 0.46% higher at 10,528 level. Both these indices outperformed the Sensex.


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