Sensex stages recovery after falling 300 points in early trade
Mumbai: Benchmark indices traded almost unchanged on Monday morning after recovering from a steep decline at open, tracking mixed Asian equity markets as investors assessed that the likelihood the fallout of an American-led strike on Syria could be contained.
Earlier in the day, benchmark Sensex fell as much as 300 points, or 0.9%, to 33,899.34, while the 50-share Nifty index declined 0.8%, or 85 points, to 10,396.35.
At 10am, Sensex was down 0.12% at 34,151.86 points, while the Nifty 50 edged down 0.14% to 10,466 points.
On Saturday, US, France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on 7 April.The Syrian government and its ally Russia have denied involvement in any such attack.
Infosys Ltd shares fell as much as 6% after the company lowered its operating margin outlook and its plan to sell Panaya and Skava. The company lowered its profitability outlook to 22-24% for 2018-19, as against 24-26% two years back and suggested that India’s second largest software services exporter continued to struggle to get more yield from its traditional outsourcing business, where profitability is dwindling.
Tata Motors Ltd shares declined over 2% after a news report said that Jaguar Land Rover is planning to cut nearly 1,000 jobs as it scales back production at some of its UK sites.
UCO Bank shares sank 14% to Rs21 after the Central Bureau of Investigation (CBI) on Saturday booked the bank’s former chairman and managing director Arun Kaul and others for an alleged fraud to the tune of Rs621 crore.