Nifty below 8400, Sensex in red; Tata group stocks drag
The market has opened higher with a big push from Infosys. The Sensex is up 125.98 points or 0.5 percent at 27373.14, and the Nifty up 31.10 points or 0.4 percent at 8438.30.
Tata group stocks TCS, Tata Steel and Tata Motors are down 1-2 percent. Natarajan Chandrasekaran, the CEO and Managing Director of Tata Consultancy Services , has been named the new Chairman of Tata Sons, roughly three months after the former Chairman Cyrus Mistry was unceremoniously ousted.The new chairman will take charge from February 21.
Infosys is up 3 percent on its Q3 results.Infosys has reported a 2.8 percent sequential growth in third quarter profit at Rs 3,708 crore and a 0.2 percent degrowth in revenue at Rs 17,273 crore. Dollar revenue declined 1.4 percent to USD 2,531 crore compared with previous quarter.
The Indian rupee opened lower by 7 paise at 68.16 per dollar on Friday against previous close 68.09.
Asian shares dipped but remained on track for weekly gains while the dollar was poised for a losing week, as investors weighed whether President-elect Donald Trump would stress growth-boosting steps when he takes office.