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Live Markets Commentary:
Sify Editors @ 1:40 PM:
Sensex, Nifty drift further down from historic highs as mood stays bearish
With Infosys taking a severe beating following the resignation of Vishal Sikka as Managing Director & CEO of the company, the benchmark Indian stock indices Sensex and the Nifty50 have come a long way down from their historic highs.
The Sensex, which touched an all-time high of 32,686.48 during the session on 2 August 2017, and managed to close above 32,000 mark on the next four sessions as well, started drifting lower subsequently as investors started to book profits.
With some disappointing results and a few negative news pouring in during the last few sessions, stocks lost further ground and the Sensex declined to 31,128.02 on 11 August 2017. And then, after recovering a bit in the next few sessions, the index has plunged today, reeling under the impact of heavy selling at the Infosys counter.
At 31,364.40, the Sensex is now down 451.06 points or 1.36% from its previous close. The Nifty50 of the National Stock Exchange, which hit a life-time high of 10,137.85 earlier this month, is now at 9785.65, down 1.2% from Thursday's close.
Infosys is down nearly 13% at Rs 889.40, slightly off a low Rs 884.20 it had touched ealier in the day.
Sify Editors @ 12:30 PM:
Sensex falls as Infosys CEO resignation hurts
Indian shares fell on Friday, snapping a three-day winning streak, as Infosys Ltd Chief Executive Vishal Sikka's resignation sent the stock tumbling, although rivals such as Tata Consultancy Services Ltd gained.
Sikka resigned as chief executive and managing director of Infosys with immediate effect and the country's no.2 IT services company named U.B. Pravin Rao as his interim replacement.
Infosys shares fell as much 9.4 percent to their lowest since June 28, on way to their steepest intraday percentage loss since April 2013.
Sentiment was also hit as Asian shares joined a global retreat from riskier assets on rising doubts about U.S. President Donald Trump's ability to deliver his economic agenda.
Sify Editors @ 9:50 AM:
Board accepts Sikka's resignation days before buyback plans
In a surprising move that should shock the technology industry, the board at Infosys has accepted the resignation of Vishal Sikka.
According to a handful of news sources, Sikka cited "distraction" and "disruption" in his resignation letter.
An image of what appears to be a resignation letter tweeted by CNBCTV18, quotes him saying, "After much reflection, I have concluded that it is indeed time for me to leave my current positions as MD and CEO and I have communicated my resignation to Sesh."
The board was barely two days away from announcing its buyback plans. Its official communication to the exchange houses confirmed the news on Sikka's exit, but there has been nothing on the proposed buyback.
Sify Editors @ 9:45 AM:
The Sensex in the red
The Sensex was trading 209.12 points or 0.66 per cent lower during the early session.
The wider 51-scrip Nifty of the National Stock Exchange was also trading 62.60 points or 0.63 per cent lower at 9,841.55 points.
The BSE Sensex, which opened at 31,729.88 points, was trading at 31,586.34 points, lower 209.12 points or 0.66 per cent from Thursday's close at 31,795.46 points.
The Sensex touched a high of 31,729.88 points and a low of 31,560.89 points in the trade so far.
Sify Editors @ 9:30 AM:
A blow to Infy, Sikka:
Vishal Sikka resigns as Infosys CEO. Board accepts, and the scrip is trading 5.28% down on the BSE Sensex.
Sify Editors @ 9:20 AM:
A jittery pre-morning for BSE
BSE Sensex slid by a 207.76 or a 0.65% plunge in the pre-morning session.
The Sensex will resume at 31587.70.
NSE Nifty too was down by 38.20 points points at 9865.95 at 9:15 AM.
|Cities||Gold (10g)||Silver (1Kg)|
|Chennai||Rs. 42200.00||Rs. 29721.93|
|Mumbai||Rs. 42200.00||Rs. 30139.04|
|Delhi||Rs. 42200.00||Rs. 29839.57|
|Kolkata||Rs. 42200.00||Rs. 30181.82|
|Kerala||Rs. 42200.00||Rs. 28983.96|