Home / Business / Money / Nifty slumps 102 points to end below 8,500

Nifty slumps 102 points to end below 8,500

Benchmark share indices extended losses in noon trades on Monday weighed down by selling pressure in IT major Infosys after four founders sold 32.6 million shares at a base rate of Rs 1,988 per share to raise nearly $ 1.1 billion.

At 12:55PM, the 30-share Sensex was down 283 points at 28,175 and the 50-shaer Nifty was down 85 points at 8,452.     

The Indian rupee was trading weak at Rs 61.93 against the US dollar compared to the previous close of Rs 61.77 after the currency gained on the back of better-than-expected US jobs data.

Asian markets are trading mixed with Chinese shares gaining the most. China’s Shanghai Composite was up 2.7% while Straits Times and Hang Seng were trading with marginal losses. Meanwhile, the Nikkei ended with marginal gains up 0.1%.

Except for the FMCG index all sectoral indices on the BSE were in the red with BSE IT index being the top loser down 2.8%.

Infosys was the top Sensex loser down over 4% at Rs 1,979 after the company its founders, including Narayana Murthy, Nandan Nilekani, and their family members sold a combined nearly 33 million shares of the company for Rs 6,481 crore through open market. The market report suggests that the promoters have sold the shares at a fixed price of Rs 1,988 each.

According to disclosure filed by the Infosys with stock exchange reveals that, Narayana Murthy and Nandan Nilekani family have sold 12 million shares each worth of Rs 4,771 crore, while Dinesh Krishnaswamy and his family sold 6.2 million shares amounting of Rs 1,232 crore and Kumari Shibulal sold 2.4 million shares of Rs 477 crore.

Rohini Nilekani, Nandan M Nilekani and Akshata Murthy sold 6 million shares, while Sudha Murthy sold 5.6 million and Asha Dinesh sold 4 million shares, data shows.

ITC is up 1.2%. It has become the second-most valuable Indian company, surpassing refineries giants- Oil and Natural Gas Corporation (ONGC) and Reliance Industries – in overall market capitalization (m-cap) ranking.

Sun Pharma has gained nearly 1%. On Friday, a US court’s jury gave Ranbaxy a boost when it decided that the agreement between AstraZeneca and Ranbaxy Laboratories to delay the launch of a generic version of AstraZeneca’s heartburn drug Nexium is not anticompetitive. Sun Pharma is in the process of acquiring Ranbaxy.

Coal India has gained 2%. According to media reports, Coal India has requested the government to re-allot the two coal blocks in Odisha which it had lost following the Supreme Court’s order to cancel allocation of 214 coal blocks. Coal India had formed joint ventures with private players to develop these blocks.

Among other shares, Stampede Capital surged nearly 9% at Rs 175 after the company said that Tick by Tick data Algo platform of Stampede Technologies Pte Ltd, its Singapore based wholly owned subsidiary, has handled around Rs 4,000 crore worth of trading transactions on the Singapore Stock Exchange in the month of November 2014.

In the broader market, the BSE  Mid-cap and Small-cap indices pared early gains and were down 0.7% each.

Market breadth weakened further with 1,588 losers and 1,065 gainers on the BSE.

Leave a Reply

x

Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...