Sensex flat in opening trade; Infosys rallies on Sikka appointment

Commentary

oi-Sunil

By Sunil Fernandes

Published: Thursday, June 12, 2014, 9:32 [IST]

The Sensex and the Nifty opened the day flat in early trade, even as Infosys rallied 5 per cent on reports of appointment of Vishal Sikka as the new CO and Managing Director of Infosys with effect from August 1, 2014.

The Sensex was trading higher by 28points, while the Nifty lost 1 point in early trade. Other software stocks also rallied in trade with TCS, Wipro, Tech Mahindra and HCL Tech among the gainers.

Apart from software stocks Hindalco, ONGC and Jindal Steel were among the gainers. Shares in Future Retail rallied on reports of the company's plans to raise money to reduce debt liabilities.

Essar Group stocks including Essar Oil, Essar Ports and Essar Shipping were all trading higher on a report from Reuters that said the group was looking at selling the Stanlow refinery in Britain.
Idea Cellular was trading lower despite a proposed fund raising plans by the company. Mid cap stocks were at the receiving end with sharp cut of 4 per cent seen in India Cement, with other notable losers being Voltas, Siemens and JSW Energy.

But, the day's top losers were from the PSU banking space with Union Bank, Syndicate Bank, Andhra Bank and Allahabad Bank seeing large scale losses in early trade.

Meanwhile, markets in Asia were mostly trading lower led by losses in the Jakarta Composite and the Shanghai Composite.

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