Sensex, Nifty Halt Gaining Streak As Infosys Falls On Whistleblower Allegations
Closing Bell: Sensex, Nifty Halt Six-Day Gaining Streak
Indian equity benchmarks halted their six-day gaining streak, their longest stretch of gains in seven months.
The S&P BSE Sensex fell 0.85 percent to close at 38,963.84 and the NSE Nifty 50 fell 0.63 percent to end at 11,588.35. The broader markets represented by the NSE Nifty 500 Index fell 0.33 percent.
The benchmark indices were dragged by Infosys Ltd.’s 16 percent fall after an anonymous whistleblower letter has alleged that the company’s Chief Executive Officer Salil Parekh dressed up the company’s books—accusations that could plunge the software services provider into its second leadership-related crisis in a little over two years.
An Infosys spokesperson confirmed having received the letter and its contents to BloombergQuint. In a separate response to emailed queries, the company said “whistleblower complaint has been placed before the audit committee as per the company’s practice and will be dealt with in accordance with the company’s whistleblowers policy”.
The market breadth was tilted in favour of buyers. About 921 stocks advanced and 889 shares declined on National Stock Exchange.
Seven out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Pharma Index’s 1.9 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 4.8 percent.
Grasim Industries Gains After Signing Pact
Shares of Grasim Industries rose 1.4 percent to Rs 756.
The company signed a joint venture pact with Maschinenfabrik Reinhausen to make composite hollow core insulators.
Of the shares traded, 43 percent were at the ask price and 43 percent were at the bid, Bloomberg data showed.
Large Trade Alert: ITC
About 13 lakh shares of ITC changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Fab Four Stocks Of The Day
- Stock rose as much as 18.1 percent to Rs 119.85.
- Revenue up 20.4 percent to Rs 699.5 crore.
- Net profit up 58.9 percent to Rs 95.8 crore.
- Ebitda up 42.9 percent to Rs 143.6 crore.
- Margin at 20.5 percent versus 17.3 percent.
- U.S. FDA approved the Abbreviated New Drug Application (ANDA) for Fexofenadine Hydrochloride tablets. It is bioequivalent to Allegra allergy tablets of Sanofi-Aventis U.S. LLC.
- Stock rose as much as 15.6 percent to Rs 471 after Q2 results announcement.
- Revenue rose 41 percent to Rs 1,064 crore.
- Net profit rose 156 percent to Rs 119 crore.
- Ebitda rose 79 percent to Rs 129 crore.
- Ebitda margin stood at 12.1 percent versus 9.6 percent.
- Shares of the graphite electrode makers extended gains for the fourth consecutive trading session.
- HEG rose as much as 15 percent to Rs 1,114.50 while Graphite India rose as much as 12.1 percent to Rs 327.40. Both the stocks rose the most in over a month.
M&M Financial Services
- Stock rose as much as 8.98 percent to Rs 347.55.
- The scrip rallies ahead of results announcement.
Market Check: Sensex, Nifty Set To Halt Six-Day Gaining Streak
Indian equity benchmarks are set to halt their six-day gaining streak, their longest stretch of gains in seven months.
The S&P BSE Sensex fell 0.76 percent to 38,999 as of 3 p.m. and the NSE Nifty 50 fell 0.57 percent to 11,596. The broader markets represented by the NSE Nifty 500 Index fell 0.24 percent.
Stocks Moving On Heavy Volumes
- Stock rose as much as 1.8 percent to Rs 184.05.
- Trading volume was more than 20 times its 20-day average.
- Stock rose as much as 3.3 percent to Rs 298.
- Trading volume was more than 16 times its 20-day average.
- Stock rose as much as 19.9 percent to Rs 25.85.
- Trading volume was more than 12 times its 20-day average.
Bank Of Maharashtra
- Stock rose as much as 18.5 percent to Rs 11.55.
- Trading volume was more than 14 times its 20-day average.