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Nifty below 8700; Infosys gains 2%, Sun Pharma Hero down

10:00

The News International Team

10:50am Market Update

The market extended losses in morning trade as the Sensex declined 101.80 points to 28749.17 and the Nifty fell 40.65 points to 8671.05.

Nearly three shares declined for every share advancing on the Bombay Stock Exchange.

10:30am Infosys’ organisational restructuring

Infosys has announced realignment of organizational structure on Thursday, which is effective from the beginning of FY16.

The software services exporter will be organised into sales, delivery and business enabling functions. Sales will continue to be organised around 5 industry segments, which include financial services (including cards & payments), manufacturing retail; CPG & logistics energy, utilities; communications & services; life sciences; and healthcare & insurance delivery, says Infosys.

According to the company, delivery organisation will be structured around 7 service lines – digital integration services, application development & maintenance, engineering services, cloud & infrastructure services, independent validation & testing, enterprise package application services, and management consulting services.

10:00am Market Check

The market still continues to be flat. The Sensex is up 30.04 points at 28881.01 and the Nifty is up 2.40 points at 8714.10. About 815 shares have advanced, 980 shares declined, and 165 shares are unchanged.

Cipla, Sesa Sterlite, Wipro, Infosys, HDFC are gainers in the Sensex while Tata Motors, GAIL, M&M, Hero and Sun Pharma are major laggards.

Crude prices are up as rising violence in producer Libya and an expected boost in oil demand from China’s central bank easing helped the market rebound from a sharp rout in the previous session.

Traders and analysts said they expect crude’s rollercoaster ride which began last Friday to continue as it tries to find a bottom to a seven-month selloff that took prices near six-year lows But many were pessimistic about a sustained rally, as record-high US inventories rekindle worries about a glut.

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