Moneycontrol
Jan 13, 2017 04:32 PM IST IST | Source: Moneycontrol.com

Sensex ends in red, Nifty at 8400; TCS, Infosys drag 3-4%

Benchmark indices extended losses amid volatility in afternoon trade with the Nifty struggling below 8400 level, dragged by further fall in technology stocks. Infosys cracked 3 percent and TCS 4 percent on profit booking after third quarter earnings.


Moneycontrol Bureau

3:30 pm Market closing: 
The Sensex closed down 9.10 points at 27238.06, and the Nifty down 6.85 points at 8400.35. About 1215 shares have advanced, 1494 shares declined, and 346 shares were unchanged. 

Axis Bank, ITC, GAIL, HDFC and Sun Pharma were top gainers while TCS, Infosys, NTPC, Maruti Suzuki and Dr Reddy's Labs were losers.

3:10 pm Interview:
With fuel burn at 20 percent less than the existing fleet, the new airplane range will help reduce costs, said Ajay Singh, CMD of SpiceJet. The low-cost carrier, on January 13, announced a mammoth deal worth Rs 1,50,000 crore to purchase 205 aircraft from the US-based aircraft maker Boeing. The move is a part of the airline’s expansion plans to domestic and international destinations.


The order was upgraded to additional 100 aircraft and purchase rights of over 50 planes of 737-8 MAX models and wide-body aircraft.


Singh noted the improved efficiency in fuel consumption due to the new fleet will open up new markets for SpiceJet both internationally and domestically.


3:00 pm Market update:





2:35 pm BSE IPO:
BSE has set its initial public offering for January 23-25, according to a filing from India's second-biggest exchange, in a listing that bankers say could raise around Rs 13.5 billion (USD 198 million).


More than 300 shareholders in BSE, including Singapore Exchange and a Citigroup unit, will sell up to 15.4 million shares with a face value of Rs 2 each, according to its red herring prospectus filed with regulators.


The shares are expected to list on rival National Stock Exchange, on or around February 3, BSE said in the filing.


BSE's listing would come ahead of the National Stock Exchange, which filed for an IPO late last month with bankers saying it could raise as much as USD 1 billion.

2:20 pm Sikka on US policies:
Stating that any "discernible pattern" of clients worrying about adverse visa policies is yet to be seen, Infosys CEO Vishal Sikka today expressed hope that policies of the new Trump administration would be friendly towards business, innovation and entrepreneurship.


"In terms of the new administration, the new President is going to take office next week. President-elect Trump himself is an entrepreneur and has a very business-friendly, innovation-oriented background. So, I expect that the policies of the administration are going to be friendly towards business, innovation and entrepreneurship," he said.


He added that if companies continue to focus on delivering value and innovation, "things will be okay".

Also read - Infosys Q3 net up 3%, cuts FY17 dollar revenue guidance to 7.2-7.6%

2:00 pm Market Check


Benchmark indices extended losses amid volatility in afternoon trade with the Nifty struggling below 8400 level, dragged by further fall in technology stocks. Infosys cracked 3 percent and TCS 4 percent on profit booking after third quarter earnings.


The 30-share BSE Sensex was down 85.06 points at 27162.10 and the 50-share NSE Nifty fell 32.40 points to 8374.80. The BSE Midcap and Smallcap indices were down 0.3 percent each on negative breadth.


About 1478 shares declined against 1113 advancing shares on the BSE.


Markets in Europe were higher as investors digested data from China and waited for corporate earnings from the US later in the session. France's CAC, Germany's DAX and Britain's FTSE were up 0.4 percent each.

Tata Motors, Maruti Suzuki, NTPC, Hero Motocorp and Bajaj Auto were down more than 1 percent while HDFC, Axis Bank, ITC, ONGC, Sun Pharma and GAIL gained 1-3.5 percent.

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