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Sensex sheds 300 points, Infosys up 5%


The News International Team

Equity benchmarks started of Friday’s trade on a negative note following weak global cues post concerns over Europe growth.

Infosys ‘ Q2 earnings beat the street estimates as it has reported a 7 percent growth in second quarter (July-September) profit at Rs 3,096 crore quarter-on-quarter and dollar revenue grew 3.2 percent to USD 2,201 million. The share was up more than 5 percent at Rs 3844.

The Sensex declined 307.13 points or 1.15 percent at 26330.15, and the Nifty was down 97.05 points or 1.22 pecent at 7863.50. About 417 shares have advanced, 1168 shares declined, and 32 shares are unchanged
Hindalco, Tata Steel, BHEL, Sesa Sterlite, DLF and Tata Motors declined 2-3 percent while Infosys, BPCL and Dr Reddy’s Labs were gainers.

The Indian rupee slipped marginally in early trade, down 10 paise to 61.15 a dollar compared to previous day’s closing value.

Pramit Brahmbhatt, Veracity said today investors are likely to trade cautiously ahead of vital macro data. He expects the rupee to trade rangebound to slightly weak taking cues from strong dollar. He sees rupee ranged between 60.60-61.40/USD.

On the global front, Asian markets were down following Wall Street’s selloff as investors worried over slowing growth in Europe.

German exports dropped 5.8 percent in August, the largest decline since the financial crisis, saw the Dow tumble more than 300 points overnight, while the S&P 500 and Nasdaq slid more than 2 percent each. Remarks from European Central Bank (ECB) President Mario Draghi also weighed. Speaking at the Brookings Institute, he reiterated that quantitative

US stocks sank, erasing all and more of the previous day’s rally, as investors bypassed US corporate earnings and economic reports to focus on global concerns, including Europe’s softening economy.

European shares closed down after volatile trade reacting to weak economic data. Germany posted its biggest fall in foreign trade for five and a half years. German exports dropped 5.8 percent in August, the largest decline since the financial crisis.

In commodities, crude prices hammered by relentless anxiety about oversupply and waning global demand. Brent crude dropped below USD 90 a barrel for the first time since 2012 and US crude hit a 22-month low.

From precious metals space, gold retained gains and is headed for its best week in nearly four months as a slump in equities attracted safe-haven bids for the metal.


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