Tuesday 29 January 2019

Nifty Below 10,700 Mark Persistent Systems Stock Rises 3%

Posted by suhani varma on Tuesday, January 29, 2019 with No comments



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Equity benchmark indices opened lower on Tuesday’s trade ahead of this week's derivative contracts' expiry and the interim budget. The Sensex was down 56 points to 35,600, while the Nifty was slightly down by 7 points at 10,654 levels. The market breadth was negative with 655 shares advancing, 762 shares declining, and 59 remaining unchanged on the BSE.

On the sectoral front, pharma, media, banking, metal, media and FMCG stocks are trading higher, while financial, auto, IT indices are under pressure.

Adani Ports, UltraTech Cements, Zee, Sun Pharma, and Dr.Reddy’s were the top gainers on the Nifty50, while Indiabulls HF, GAIL, Power Grid, UPL, and Infosys were trading in the red.

Shares of Persistent Systems soared 3% after the Board of has approved buyback of equity shares for an aggregate amount not exceeding Rs225cr at price not exceeding Rs750 per share. Its PAT grew by 4.1% qoq to Rs91.7cr against estimate of Rs90cr.

Axis Bank, HCL Technologies, HDFC, Bajaj Finance, Bank of Baroda, Oriental Bank of Commerce and Tata Coffee are among the prominent companies that will unveil their quarterly earnings results today.

Volatility index India VIX gained 0.62% to 19.01.

The most active stocks were Zee, Yes Bank, HDFC Bank, Reliance Industries, and Maruti.

The Indian rupee opened lower by 8 paise at 71.15 per dollar against yesterday's close of 71.11/$.

Asian stock markets fell and oil steadied after its worst loss in a month as investors awaited a fresh round of US-China trade talks.

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