ITC, M&M, Bharti Infratel and UltraTech Cement gained the most on both indices, while Infosys, State Bank of India and Bank of Baroda were the top losers.
1:10 pm Market Check: Selling pressure on the market dominated for the larger part of the trading session so far, dragged largely by a fall in Infosys due to the exit of Vishal Sikka as its MD and CEO.
The Sensex was down 397.20 points or 1.25% at 31398.26, while the Nifty was down 108.60 points or 1.10% at 9795.55. The market breadth was negative as 628 shares advanced against a decline of 1,669 shares, while 113 shares were unchanged.
TCS, HUL, Bharti Infratel and BPCL gained the most on both indices, while Infosys, Sun Pharma, and Zee Entertainment were the top losers.
According to a CNBC-TV18 alert, the fall in Infosys contributed to almost 65 percent to the Nifty’s losses, while the stock collectively eroded market cap worth Rs 27,000 crore.
The Sensex was down 397.20 points or 1.25% at 31398.26, while the Nifty was down 108.60 points or 1.10% at 9795.55. The market breadth was negative as 628 shares advanced against a decline of 1,669 shares, while 113 shares were unchanged.
TCS, HUL, Bharti Infratel and BPCL gained the most on both indices, while Infosys, Sun Pharma, and Zee Entertainment were the top losers.
According to a CNBC-TV18 alert, the fall in Infosys contributed to almost 65 percent to the Nifty’s losses, while the stock collectively eroded market cap worth Rs 27,000 crore.
12:40 pm Expert Speak: VK Sharma, Head - Private Client Group, HDFC Securities said this in a statement.
"Sikka’s exit draws a long drawn out board room battle to a close. While the company did better than the industry during Sikka’s tenure, it was no where near achieving Sikka’s own $20 bn target by 2020. The forthcoming buy back may belay the stock from falling more. Sikka’s allegation that he was continuously being distracted does not wash as he had long enough a honeymoon period to make his mark."
12:28 pm Infosys' m-cap tanks: The fall in Infosys' stock has led to a steep fall in the market capitalisation of the company. It fell over Rs 16,600 crore on the back of the fall in the stock.
As of closing price on Thursday, Infosys had a market cap at Rs 2,34,554.78 crore. Meanwhile, this figure came down to Rs 2,17,924.74 crore.
12:20 pm Market Check: Indices continued to trade lower in the afternoon session, with the Nifty firmly trading below 9850.
The Sensex was down 301.30 points at 31494.16, while the Nifty was down 82.05 points at 9822.10. The market breadth was negative as 740 shares advanced against a decline of 1,498 shares, while 94 shares were unchanged.
ITC, TCS, BPCL and Bharti Infratel gained the most on both indices, while
Among global markets, European stocks were set to open sharply lower on Friday morning as investors reacted to Spain's worst terror attack in more than 13 years.
The FTSE 100 is seen 48 points lower at 7,345; the DAX is expected to open down by 84 points at 12,123 and the CAC 40 is set to open 39 points lower at 5,110.
11:55 am FII View: Small correction can be possible but the major fall is unlikely in the market as it has strong liquidity support (from FIIs as well as DIIs), Inderjeet Bhatia of Macquarie Research said.
He is not worried if the market corrects 3-5 percent from hereon, especially after more than 20 percent rally since the beginning of current calendar year.
He advised buying on every correction as fundamentals of the economy are strong and earnings recovery will start from second half of FY18 and will be strong in next financial year.
11:38 am Management Speak: The government has capped prices of orthopedic knee implants at a significantly lower rate than current market rates.
In an interview to CNBC-TV18, Suneeta Reddy, Joint MD of Apollo Hospitals Enterprises spoke about the latest happenings in her company and sector.
Capping the prices of orthopedic knee implants at lower rate is feasible, she said.
Whatever is happening with the stent or the knee is not going to impact the profitability of the entire hospital significantly, she added.
11:15 am Market Check: The decline in benchmark indices halted in the previous session, Sensex and Nifty steadying at lower levels.
The Sensex was down 243.16 points at 31552.30, while the Nifty was down 61.65 points at 9842.50. The market breadth was negative as 717 shares have advanced, 1322 shares declined, and 102 shares are unchanged.
"Sikka’s exit draws a long drawn out board room battle to a close. While the company did better than the industry during Sikka’s tenure, it was no where near achieving Sikka’s own $20 bn target by 2020. The forthcoming buy back may belay the stock from falling more. Sikka’s allegation that he was continuously being distracted does not wash as he had long enough a honeymoon period to make his mark."
12:28 pm Infosys' m-cap tanks: The fall in Infosys' stock has led to a steep fall in the market capitalisation of the company. It fell over Rs 16,600 crore on the back of the fall in the stock.
As of closing price on Thursday, Infosys had a market cap at Rs 2,34,554.78 crore. Meanwhile, this figure came down to Rs 2,17,924.74 crore.
12:20 pm Market Check: Indices continued to trade lower in the afternoon session, with the Nifty firmly trading below 9850.
The Sensex was down 301.30 points at 31494.16, while the Nifty was down 82.05 points at 9822.10. The market breadth was negative as 740 shares advanced against a decline of 1,498 shares, while 94 shares were unchanged.
ITC, TCS, BPCL and Bharti Infratel gained the most on both indices, while
Among global markets, European stocks were set to open sharply lower on Friday morning as investors reacted to Spain's worst terror attack in more than 13 years.
The FTSE 100 is seen 48 points lower at 7,345; the DAX is expected to open down by 84 points at 12,123 and the CAC 40 is set to open 39 points lower at 5,110.
11:55 am FII View: Small correction can be possible but the major fall is unlikely in the market as it has strong liquidity support (from FIIs as well as DIIs), Inderjeet Bhatia of Macquarie Research said.
He is not worried if the market corrects 3-5 percent from hereon, especially after more than 20 percent rally since the beginning of current calendar year.
He advised buying on every correction as fundamentals of the economy are strong and earnings recovery will start from second half of FY18 and will be strong in next financial year.
11:38 am Management Speak: The government has capped prices of orthopedic knee implants at a significantly lower rate than current market rates.
In an interview to CNBC-TV18, Suneeta Reddy, Joint MD of Apollo Hospitals Enterprises spoke about the latest happenings in her company and sector.
Capping the prices of orthopedic knee implants at lower rate is feasible, she said.
Whatever is happening with the stent or the knee is not going to impact the profitability of the entire hospital significantly, she added.
11:15 am Market Check: The decline in benchmark indices halted in the previous session, Sensex and Nifty steadying at lower levels.
The Sensex was down 243.16 points at 31552.30, while the Nifty was down 61.65 points at 9842.50. The market breadth was negative as 717 shares have advanced, 1322 shares declined, and 102 shares are unchanged.
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