Infosys buyback brings no cheer, Sensex and Nifty open slightly high
Markets opened flat on Monday on fixed global cues. The Infosys buyback announcement that was expected to cheer investors backfired with stocks falling over 3 per cent to Rs 893. On Friday, the stock closed at Rs 923 and the buyback price is a 24.5 per cent premium at Friday's closing.
At 9:20 am, the Sensex was trading at 31,590, up 66 points, while the broader Nifty was ruling at 9,867, up 29 points. The BSE Midcap and the BSE Smallcap indices outperformed the benchmarks by rising 0.5 per cent each. In the opening session, however, Sensex was up over 100 points, Nifty above 9,900 points.
ICICI bank became the major contributor to index gains after it cut savings interest deposit rates for below Rs 50 lakh, to 3.5 per cent. HDFC, Vedanta, ITC all traded in the green. While Infosys dragged the IT pack, HCL Tech, Tech Mahindra performed well.
The Rupee opened at 64.06 against the US dollar. Asian Paints fell 1 percent while Hindalco rose 2 per cent. Nifty 50, Nifty bank, Nifty MID100, all opened in the green.