Sensex off opening high, Nifty breaks 10,100; Infosys, Biocon rally
Equity benchmarks started off the week on a positive note, backed by Infosys that gained 2.5 percent after the appointment of new CEO and MD.
The 30-share BSE Sensex rose 89.51 points to 32,922.45 and the 50-share NSE Nifty gained 23.60 points at 10,145.40. About 980 shares advanced against 291 declining shares on the BSE.
Infosys, Indiabulls Housing, Tata Motors, Dr Reddy's Labs, SBI, Aurobindo Pharma and ICICI Bank were early gainers while Tech Mahindra, Sun Pharma and Hero MotoCorp were early losers.
Biocon surged 10 percent as the US FDA approved Mylan and Biocon's Ogivri, the first biosimilar for Trastuzumab, for the Treatment of HER2-Positive breast and gastric cancers.
Infosys' board of directors has appointed Salil S Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the company effective January 2, 2018.
The appointment ends a nearly four-month long search for the top job at India’s second largest IT services firm.
Parekh joins Infosys from Capgemini where he was a member of the Group Executive Board.
China’s two biggest banks said they do not plan to finance a controversial Australian coal mine, in the latest blow to Indian conglomerate Adani Enterprises’ long delayed project.
The stock fell more than 4 percent after this news, but immediately recovered to trade 0.4 percent lower.
Industrial and Commercial Bank of China (ICBC) and China Construction Bank said in separate statements they were not working on the project, after media recently reported that Chinese banks may get involved.
Adani is seeking 2 billion Australian dollar (USD 1.5 billion) in financing by March 2018 for the 4 billion Australian dollar first stage of its proposed Carmichael coal mine in the state of Queensland, a project that has been shrunk from a 16.5 billion Australian dollar plan to make it more viable.
The rupee was trading down by 3 paise at 64.49 against the US currency in early trade today at the interbank foreign exchange as the dollar strengthened in global markets after progress on the US tax-cut proposal.
Dealers also attributed the rupee's fall to increased demand for the US currency from importers but a higher opening in the domestic equity market capped the losses to some extent.
The rupee opened lower by 7 paise at 64.53 against last close of 64.46 on higher demand for the dollar. Later the rupee reverses its losses to touch a high of 64.45 in early trade.
On Thursday, the rupee had lost 15 paise to close at 64.46 a dollar on growing concerns with regard to fiscal deficit and possible extension of crude oil production curb by OPEC. Forex and money markets were closed on Friday on account of Id-E-Milad.
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