MARKETS LIVE: Sensex up 100 pts, Nifty above 9,850; Infosys extends losses

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SI Reporter | New Delhi August 21, 2017 Last Updated at 09:43 IST

The markets were trading higher on Monday even as global cues remained mixed after investors felt unconvinced about US President Donald Trump's ability to fulfill his economic agenda, even as the departure of his controversial policy strategist raised hopes of some progress.

Back home, Infosys' buyback announcement failed to enthuse investors as the stock fell over 3% to Rs 893. The company had announced on Saturday that it would buy back shares of up to Rs 13,000 crore, or 4.92% from investors at Rs 1,150 per share. The buyback price is a 24.5% premium over Friday’s closing price of Rs 923.

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9:36 AM Sensex heatmap at open

Source: BSE

9:33 AM

Infosys stares at turbulence

Infosys might have to prepare itself to lose clients and key executives who supported the software-plus-services model that former chief executive Vishal Sikka had pioneered, as they become easy targets for rivals to poach in an uncertain business environment, company insiders and experts said. READ FULL REPORT HERE

9:30 AM Infosys buyback fails to enthuse investors

The stock tanked further over 3% to Rs 882 after over 13% fall recorded on Friday. The company on Saturday announced that it would buy back shares of up to Rs 13,000 crore, or 4.92% from investors at Rs 1,150 per share. Meanwhile, on Friday Vishal Sikka resigned from the post of MD & CEO.

9:23 AM

Broader markets

The BSE Midcap and the BSE Smallcap indices outperformed the benchmarks by rising 0.5% each.

9:22 AM

Markets at open

At 9:20 am, the Sensex was trading at 31,590, up 66 points, while the broader Nifty50 was ruling at 9,867, up 29 points.

9:15 AM Nifty outlook by Geojit Financial Services

A 100-point range is expected to hold today’s moves, with low chances of directional moves even in the event of penetration of this range. Oscillators in 4 hours charts look neutral supporting this view, while ADX indicates that strength of the trend has weakened considerably, setting up room for volatility.

9:14 AM

Stocks in news

Infosys, Indian Oil Corporation, Indian Hotels, Reliance Communications, ICICI Bank, Bajaj Electricals, Magma Fincorp, Fortis Healthcare

9:11 AM Infosys buyback

Infosys on Saturday announced that it would buy back shares of up to Rs 13,000 crore, or 4.92 per cent, from investors at Rs 1,150 per share. The buyback price is a 24.5 per cent premium over Friday’s closing price of Rs 923. CLICK HERE FOR DETAILS

9:09 AM Pre-open trade

The S&P BSE Sensex was trading at 31,609, up 85 points, while the broader Nifty50 was ruling at 9,865, up 28 points in pre-open trade.

9:07 AM

Prerana Desai, V-P (research), Edelweiss Agri Services and Credit, Edelweiss Agri Value Chain

Mustard seed prices in the spot market are trading at Rs 3,911 a quintal. Weak demand from processors due to negative margins might weigh on prices in the coming days. CLICK HERE FOR MORE COMMODITY PICKS

9:03 AM Bearish on Engineers India and DHFL, says Angel Broking. READ MORE

9:01 AM

Technical calls

Buy Castrol India with a target price of Rs 425, says Prabhudas Lilladher. CLICK HERE FOR MORE

8:59 AM

Nifty oulook and stock picks by Devang Shah

Short-term outlook for the market remains positive till Nifty trades above 9,685 levels and is expecting target of 10,400 levels in the short-term. Medium term outlook for the market also remains positive till Nifty trades above 8,968 levels and is expecting targets in the range of 12,000-12,200 levels in the medium-term. CLICK HERE FOR TRADING IDEAS

8:56 AM

Oil prices

Oil markets were stable, largely holding on to Friday's big gains even though rising US output weighed on hopes the market will tighten after a 13% fall in US crude inventories since March.

Brent crude futures, the international benchmark for oil prices, were at $52.70 per barrel, down a cent from their last close. US West Texas Intermediate (WTI) crude futures were at $48.54 a barrel, up 3 cents from their last settlement. This came after a 3% jump in prices on Friday.

8:54 AM Asian markets

sian markets were tentative. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.07%, while Japan's Nikkei was off 0.4%. China's Shanghai Composite and Hong Kong's Hang Seng indices added 0.2% each. Taiwan's TSEC was little changed.

8:51 AM Wall Street on Friday

US stocks lost ground on Friday to end lower following a White House-focused week that raised more questions about the Trump administration's ability to implement its pro-growth agenda. The Dow Jones Industrial Average fell 76.22 points, or 0.35% to close at 21,674.51, the S&P 500 lost 4.46 points, or 0.18% to 2,425.55 and the Nasdaq Composite dropped 5.39 points, or 0.09% to 6,216.53.

8:51 AM

Singapore Nifty

At 8:45 am, the SGX Nifty, Nifty future being traded on Singapore Stock Exchange, was trading at 9,856, up 6 points or 0.07%.

8:49 AM Good Morning!

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