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Sensex, Nifty continue to trade weak as St digests Sikka’s exit; TCS up 2%

After consecutive sessions of positive movements in the ongoing week, benchmark indices witnessed a gap-down opening, dragged by weak movements on Infosys on the back of developments in the top management exit.

At 09:18 hrs, the Sensex was down 210.84 points at 31584.62, while the Nifty was down 62.20 points at 9841.95. The market breadth was negative as 209 shares advanced against a decline of 742 shares, while 34 shares were unchanged.

ITC, Mahindra and Mahindra (M&M), Bharti Infratel and UltraTech Cement gained the most on both indices, while Infosys, State Bank of India and Bank of Baroda were the top losers.

Among global markets, Asia markets were pressured in early Friday trade after investors on Wall Street sold off on growing uncertainty over the Trump administration's ability to follow through on its economic policies.

Japan's Nikkei 225 fell 1.31 percent as risk off trade from the US session followed through into the Asian trading day. Across the Korean strait, the Kospi declined 0.81 percent.

US stocks sold off on Thursday, with the S&P 500 recording its biggest daily percentage drop in three months as escalating worries about the Trump administration's ability to push through its economic agenda rattled investors.

The benchmark index also closed at its lowest since July 11, with the day's move marking the first time since the November 8 election of two days with more than 1 percent declines so close together. The index dropped 1.4 percent last Thursday, as concern over a possible conflict between the United States and North Korea hit the market.

The falls mark a break from a period of low volatility and subdued moves. The S&P 500 has had just four 1 percent declines this year.

Infosys slipped as much as 6.09 percent in morning trade on Friday after the board of directors of Infosys Ltd said that they have accepted the notice of resignation of Dr. Vishal Sikka as the Managing Director and CEO, effective immediately.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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