Markets open in green but buyback fails to cheer Sikka's Infy exit
At 0920 hours, Sensex was trading at 31,567.62, up 42.94 points or 0.14%, while Nifty was trading at 9,866.40, up 29 points or 0.29%.
Domestic markets started the week on positive note, with BSE Sensex and NSE Nifty opening in green. At 0920 hours, Sensex was trading at 31,567.62, up 42.94 points or 0.14%, while Nifty was trading at 9,866.40, up 29 points or 0.29%.
On 30-share benchmark, among top gainers were ICICI Bank (2.20%), Tata Steel (1.50%), Mahindra & Mahindra (1.12%), Axis Bank (0.79%) and Sun Pharma (0.78%). Among top losers were Infosys (-2.46%), Asian Paint (-0.65%), Lupin (-0.20%), Hindustan Unilever (-0.20%) and Reliance Industries (-0.14%).
Shares of Infosys will be in focus after the company's CEO Vishal Sikka on Friday stepped down from the post on Friday. Also, on Saturday, the company had approved Rs 13,000 crore share buy back plan. During early trade, the shares of the company touched 52-week low. However, soon it picked up but remained in red.
According to Motilal Oswal daily market outlook report, "Nifty index opened negative and corrected towards 9783 mark. However it witnessed a sharp recovery from lower levels but finally closed the day on a negative note with the loss of around 65 points. It formed a Hammer candle on the Daily chart and respected to its 50 DEMA but sustained supply is being witnessed at higher zones. Now it has to cross and hold above 9880 to witness an up move towards 9928-9950 zone while on the downside supports are seen at 9775 then 9710 levels."
On global markets front, according to Reuters report, Asian shares were fragile as investors remained unconvinced about US President Donald Trump's ability to fulfill his economic agenda, even as the departure of his controversial policy strategist raised hopes of some progress.
Japan's Nikkei shed 0.4 percent to hit a 3-1/2-month low. MSCI's broadest index of Asia-Pacific shares outside Japan was barely in the black thanks to modest gains in China, but in most other markets, including Australia, South Korea and Taiwan were in the red.