Sensex ends 270 points lower, Nifty below 9,850 as Infosys cracks 9%

All that happened in Friday's trade

3:56 PM

Jayant Manglik, President, Retail Distribution, Religare Securities

 

Markets traded under pressure and lost over half a percent, pressurised by feeble global cues and slide in IT major Infosys. Sentiment was downbeat from the beginning on the news of terrorist attack in Spain and gloomy geo-political situation between the US and North Korea. On local front, the stock of Infosys witnessed sharp decline on the news of Vikas Sikka stepping down as CEO, which further added to negativity. 

 

Indications are in the favour of further slide, thus traders should add few shorts as hedge and give preference to PSU banks and pharma counters for fresh selling. Majority is facing issues due to volatility and we do not expect any relief from that front. Nifty has immediate support at 9,780 and any decisive fall below that mark will trigger fresh decline. 

3:56 PM

Sensex heatmap at close

Source: BSE

3:53 PM

Infosys posts its second highest turnover 

Infosys was the most traded counter on the National Stock Exchange (NSE) and BSE with the cumulative turnover of Rs 8,414 crore on Friday. A combined 90.34 million equity shares representing 3.9% of total equity of the company changed hands today.

 

Earlier, on December 8, 2014, Infosys had recorded a combined turnover of Rs 8,711 crore.

3:51 PM

Infosys top loser 

Infosys ended 9.6% lower, recording its sharpest decline since April 12, 2013 on closing basis. The stock hit 52-week low of Rs 884, down as much as 13.4% in intraday trade after Vishal Sikka resigned as the Managing Director (MD) and Chief Executive Officer (CEO) of the company with immediate effect. READ FULL REPORT HERE 

3:46 PM

Market breadth remains negative

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,534 shares declined and 1,002 shares rose. A total of 122 shares remained unchanged.

 

3:44 PM

Broader markets

The BSE Midcap index settled 0.1% lower, while BSE Smallcap index shed 0.5%. 

3:43 PM

Markets at close

The Sensex settled at 31,524, down 270 points, while the broader Nifty50 quoted 9,837, down 66 points at close.

3:30 PM

Vishal Sikka quits as Infosys CEO: Hits and misses of his 3-year journey CLICK HERE FOR FULL REPORT

3:29 PM

Dow futures

US equity futures signalled a weaker opening on Wall Street. Dow Futures were trading at 21,720, down 12 points or 0.06%.

3:26 PM

Equinomics' View on Infosys

 

Certainly it is  a negative development, no doubt.  However, our contention is that Infosys has already emerged as an institution. Company with an annual turnover of around Rs.60,000 crore with a net profit of over Rs.13,000 crore, can manage this kind of setback easily - this is our firm view. For such a large institution, in our view, it wouldnt bet difficult to attract a talent of high order