Both the BSE Sensex and the NSE Nifty started their ups and downs on Tuesday amid a 14 per cent drop in Infosys shares and a rise in shares of banking and power sector companies. Right now, the Sensex is trading at 39,179.70, down 118.68 points. The Nifty is trading at 11,643.25, down 18.60 points.
The company’s stock fell 14 percent following a whistleblower complaint against Infosys chief executive Salil Parekh and chief finance officer Nilanjan Roy for engaging in unethical activities. Due to this, the rise in the share of power and banking sector companies has weakened the market.
Initially, the 30-share BSE Sensex climbed to 300 points but soon fell to 82.38 points or 0.21 percent in morning trade and is running at 39,216 points. Similarly, the NSE Nifty fell 2.50 points, or 0.02 percent, to 11,659.35 points.
Tata Motors, HCL, Tech Mahindra and Asian Paints included in the Sensex fell by four percent. Yes Bank, TCS, Bharti Airtel, Hindustan Unilever, ICICI Bank, Hero MotoCorp, HDFC, HDFC Bank, Reliance Industries and ITC were up by seven percent.
The Sensex closed at 39,298.38 points and the Nifty closed at 11,661.85 on Friday. The stock markets were closed on Monday due to the Maharashtra Assembly elections.
As per preliminary data, foreign institutional investors made net purchases of Rs 36.56 crore on Friday. Domestic institutional investors also bought shares worth Rs 586.88 crore. Brent crude oil fell 0.03 percent to $ 58.94 a barrel.