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Markets Live: Sensex, Nifty up, Infosys rises 4% on Nandan Nilekani return

LiveMint logoLiveMint 28-08-2017 Livemint

Mumbai: The BSE Sensex opens higher at 31,712.18 points on Monday. The broader Nifty, too, rises in opening hours after a long weekend. The market was closed on Friday for Ganesh Chaturthi.

The rupee on Monday strengthened past 63 mark to hit near three-week high against the US dollar, tracking gains in its Asian peers and local equity markets.

Major Asian indices came under pressure in early Monday trade after the euro soared following Friday speeches from top central bankers. Oil markets, meanwhile, digested the impact of Hurricane Harvey.

Here are the latest updates:

9.30am: BSE Sensex trades higher by 116 points, or 0.37%, to 31,712.18, while the Nifty 50 rises 33.60points, or 0.34%, to 9,890.65.

9.25am: DLF Ltd rises 1% to Rs187.50 after, on Friday, DLF’s audit committee approved a transaction by which the promoters will sell their stake in its rental arm DLF Cyber City Developers Ltd to Reco Diamond, an affiliate of GIC Real Estate, Singapore, for a gross value of Rs11,900 crore.

9.20am: Infosys Ltd rises 4% to Rs947 as Nandan Nilekani returns to the company after he was unanimously named by the board as its non-executive chairman in a widely anticipated move. The appointment, a significant victory for co-founder N.R. Narayana Murthy in his fight against the board of Infosys, will soothe the nerves of the company’s largest investors, who have been spooked by the events of the past week, during which Vishal Sikka stepped down as CEO.

9.15am: Future Consumer Ltd rises 4% to Rs48.90, while Future Enterprises Ltd is up 5.2% to Rs46.05 after Future Supply Chain Solutions files a draft red herring prospectus for an initial public officer (IPO) with markets regulator Securities and Exchange Board of India or Sebi. Future Enterprises to sell 1.96 million shares, or about 5% stake in the unit via the offer. Investor Griffin Partners to sell 7.83 million shares, or 25% stake in FSCSL, according to the draft prospectus.

9.10am: The rupee was trading at 64.88 a dollar, up 0.18% from its Thursday’s close of 64.03. the home currency opened at 63.92 a dollar and touched a high of 63.87 a level last seen on 9 August.

9.07am: The 10-year bond yield was at 6.531%, compared to its previous close of 6.538%. Bond yields and prices move in opposite directions.

9.05am: Asian currencies were trading higher as dollar extended its decline after Federal Reserve Chair Janet Yellen dashed expectations on Friday that she would provide clues on monetary policy tightening.

South Korean won was up 0.72%, Taiwan dollar 0.32%, Malaysian ringgit 0.17%, Japanese yen 0.17%, Philippines peso 0.11%, China Offshore 0.08%, China renminbi 0.06%. However, Hong Kong Dollar was down 0.06%.

9.00am: US stocks closed mostly higher Friday on new hopes for tax reform, with the Dow Jones industrial average notching its first weekly gain in the last three weeks.

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