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Infosys stocks, negative global cues drag equities lower (Second Lead)

Mumbai, Aug 18 (IANS) Key Indian equity indices tumbled on Friday as a sell off in the stocks of index heavyweight Infosys dragged the IT index lower.

Heavy selling in IT, healthcare and banking stocks, coupled with negative global cues, hampered investors’ risk-taking appetite.

The Nifty50 of the National Stock Exchange (NSE) fell by 66.75 points, or 0.67 per cent, to provisionally close (at 3.30 p.m.) at 9,837.40 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,729.88 points, closed at 31,524.68 points — down 270.78 points, or 0.85 per cent, from its previous close at 31,795.46 points.

The Sensex touched a high of 31,729.88 points and a low of 31,349.13 points during intra-day trade.

The BSE market breadth was in favour of the bears with 1,529 declines and 1,006 advances.

Infosys’s scrip on the BSE dipped by 9.60 per cent in the wake of the resignation of Vishal Sikka as the IT major’s Chief Executive Officer (CEO) and Managing Director (MD). The overall S&P BSE IT index declined by 369.19 points or 3.53 per cent as a result.

On Thursday, the benchmark indices closed on a flat note though continuing their streak of gains for the third consecutive session on the back of healthy buying in IT, Teck (technology, media and entertainment) and metal stocks.

The Nifty50 closed at 9,904.15 points, while the Sensex close at 31,834.45 points.

Post Source: Ians feed

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