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MARKET WRAP: Sensex slips 335 pts; Infosys sees biggest 1-day fall in 6 yrs

All that happened in markets today.

SI Reporter New Delhi
hare brokers react to falling stock prices on screens of computers and television

3 min read Last Updated : Oct 22 2019 | 4:00 PM IST

3:43 PM

IT stocks dip on weak sentiment

3:42 PM

Nifty snapshot

3:41 PM

Jefferies on Infosys

Whistle blowers have alleged unethical practices by the CEO & CFO, particularly around large deals. The key allegation is many recent large deals wins have negligible margins and revenue & cost recognition have not adhered to accounting norms to help improve near-term profitability. The issue is likely to remain an overhang pending further clarity. We note every 100bps lower EBIT margin impacts FY20/21E EPS by ~4.3% but P/E de-rating could be the bigger risk.

3:40 PM

Infosys, Bharti Airtel contribute most to Sensex's fall today

3:39 PM

Sensex heat map :: Infosys tanks 16%

3:38 PM

Index watch

3:36 PM

CLOSING BELL

The S&P BSE Sensex lost 335 points or 0.85 per cent to end at 38,964 levels while NSE's Nifty50 index ended at 11,590, down 72 points or 0.62 per cent. 

3:17 PM

MARKET CHECK

3:03 PM

Domestic steel prices drop below anti-dumping duty threshold level: ICRA

Moderation in steel demand is largely attributable to the weakness in the automobile and construction sectors. Auto sector continued to witness a fall in sales, with sales de-growth during Q2 FY2020 remaining higher at 18.1% than Q1 FY2020 de-growth of 10.5%. Even the construction sector output growth deteriorated to a seven-quarter low of 5.7% in Q1 FY2020 from 9.6% in Q1 FY2019 which, along with a softening of growth in gross fixed capital formation (GFCF) to 4% in Q1 FY2020 from 13.3% in Q1 FY2019, reflects the headwinds being faced by the steel sector.

2:57 PM

Market check

2:56 PM

Alembic Pharma gets USFDA nod for ointment to treat various skin disease

The approval by the US Food and Drug Administration (USFDA) is for Clobetasol Propionate topical solution USP, 0.05 per cent, which is therapeutically equivalent to the reference listed drug product Temovate Topical Solution, 0.05 per cent, of Fougera Pharmaceuticals Inc, the company said in a regulatory filing.
 
The medicine is indicated for short-term topical treatment of inflammatory and pruritic manifestations of moderate to severe corticosteroid-responsive dermatoses of the scalp, it added. READ MORE

2:56 PM

YES Bank gives up day's gains, slips over 1%

2:45 PM

Earnings Alert | Jubliant Food Q2 results

-- Net profit at Rs 73.4 cr, down 2.8% YoY

-- Revenue at Rs 998 cr, up 12.2% YoY

-- EBITDA at Rs 234.1 cr, up 59.9% YoY

-- Margin at 23.5%, up 700 bps

2:39 PM

Granules India trades near 52-wk high, surges 18% after PAT jumps 59% in Q2

Shares of Granules India surged 18 per cent to Rs 119.70 on the BSE on Tuesday after the company's net profit jumped 59 per cent year on year (YoY) to Rs 96 crore in September quarter (Q2FY20) on the back of strong operational performance. The pharmaceutical company had logged profit of Rs 60 crore in the year ago quarter. The stock was trading close to its 52-week high of Rs 120 touched on April 22, 2019. READ MORE

2:29 PM

Whistleblower crisis: Infosys may need some private time to fix itself

It’s a deja vu moment for co-founder and non-executive Chairman Nandan Nilekani, who returned to the Bangalore-based company two years ago during a previous crisis — sparked by a set of different anonymous charges against Parekh’s predecessor, the former SAP executive Vishal Sikka, who was accused of impropriety in a $200 million acquisition in Israel. READ MORE  

Topics :MarketsMARKET WRAP

First Published: Oct 22 2019 | 7:29 AM IST