Market Live: Sensex below 32000, Nifty falls on profit boking; Midcap down too
While addressing press conference, Infosys CEO and MD Vishal Sikka said the company delivered strong overall performance in Q1 and improved revenue per employee over the last 6 quarters.
He further said Infosys has 6 categories of new high-growth services that contributed 8.3 percent to revenue.
Half of the revenue in last 2 years has come from new services areas, he added.
He said hi-tech segment continued to be soft during the quarter as there is tremendous focus on cost take outs. The company has seen moderate growth in manufacturing segment.
“Relentless focus stayed on execution,” he said.
11.15 am Market Check: Equity benchmarks continued to trade lower in morning with the Nifty falling below 9900 level on profit booking after four-day rally.
The 30-share BSE Sensex was down 79.36 points at 31,958.02 and the 50-share NSE Nifty fell 29.50 points to 9,862.20.
The broader markets also caught in bear grip, with the BSE Midcap and Smallcap indices down 0.2 percent and 0.7 percent, respectively. More than two shares declined for every share rising on the BSE.
11:05 am US Fed chair says: The United States has greatly increased its monitoring of the financial system for a broader range of risks following the last economic crisis in 2008, Federal Reserve Chair Janet Yellen said today.
“I believe we have done a great deal, since the financial crisis, to strengthen the financial system and to make it more resilient,” Yellen told members of the Senate Finance Committee during a Congressional hearing.
The 70-year-old US economist was responding to a question on American financial institutions’ readiness on facing next economic crisis.
“I think we can never be confident that there won’t be another financial crisis. But we have acted, in the aftermath of that crisis, to put in place much stronger capital and liquidity requirements for systemic banking organisations and the banking system more generally,” Yellen said.
10:44 am Silver update: Silver prices dropped by Rs 214 per kg to Rs 37,021 per kg in futures trade today as speculators trimmed their holdings amid a weak trend in global markets.
In futures trading, silver for delivery in far-month December was trading lower by Rs 214, or 0.57 per cent, at Rs 37,021 per kg, in a business turnover of 13 lots at the Multi Commodity Exchange.
10:32 am Buzzing Stock: Shares of GVK Power & Infrastructure gained nearly 7 percent intraday Friday as it sold stake in the BIAL.
The company has announced the completion of sale of its residual stake of 10 percent in Bangalore International Airport (BIAL) to Fairfax India
Holdings Corporation for a consideration of Rs 1290 crore.
The company held these shares through its subsidiary, Bangalore Airport Infrastructure Developers.
10:10 am Market Check: After seeing a positive opening, benchmark indices erased all of its gains, while the Nifty was off the 9900-mark.
The Sensex was down 47.71 points at 31989.67, while the Nifty was down 19.00 points at 9872.70. The market breadth was negative as 764 shares advanced against a decline of 1,237 shares, while 98 shares were unchanged.
Infosys, Cipla, Aurobindo Pharma and Bharti Infratel gained the most on both indices, while TCS and Tata Motors DVR were the top losers.
Also Read: Financial services, auto, oil & gas among top 5 sectors on radar of FPIs; here’s why
9:45 am Buzzing Stock: Biocon’s shares added over 9 percent intraday on Friday as investors cheered the possible regulatory approval to its breast cancer biosimilar going forward.
The US Food and Drug Administration’s (FDA) Oncologic Drugs Advisory Committee (ODAC) has recommended an approval of the Mylan and Biocon’s proposed biosimilar trastuzumab, Biocon informed the exchanges on Friday. The drug is used to treat metastatic (spread) breast cancer. It is effective against tumors that overexpress the HER2/neu protein, according to chemocare.com.
Mylan and Biocon are exclusive partners on a broad portfolio of biosimilar and insulin products. The proposed biosimilar trastuzumab is one of the six biologic products co-developed by Mylan and Biocon for the global marketplace, the company’s release stated.
“The committee voted 16-0 in support of eligible indications of the reference product, Herceptin, which include HER2-positive breast cancer in the metastatic and adjuvant settings,” the statement added.