Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Indian Indices Continue Downtrend; Telecom Sector Down 1.4%
Tue, 29 Aug 11:30 am

After opening the day in the red, Indian share markets witnessed further losses and are presently trading on a negative note. Sectoral indices are trading on a mixed note with stocks from the telecom sector and power sector witnessing maximum selling pressure.

The BSE Sensex is trading down 256 points (down 0.8%) and the NSE Nifty is trading down 77 points (down 0.8%). Meanwhile, the BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading down 0.3%. The rupee is trading at 63.99 to the US$.

In the news from IT space, Infosys said that some of the promoters of the company would participate in the upcoming share buyback of the company.

The above offloading of shares in the form of buyback by some of the promoter members bears significance in the wake of recent tussle between Vishal Sikka and the founders.

How the development pans out remains to be seen. Meanwhile, we'll keep you updated on news in this regard.

Infosys announced a Rs 130 billion share buyback on August 19, a day after Vishal Sikka resigned from the company.

Just Released: Multibagger Stocks Guide
(2017 Edition)

In this report, we reveal four proven strategies to picking multibagger stocks.

Well over a million copies of this report have already been claimed over the years.

Go ahead, grab your copy today. It's Free.

NO-SPAM PLEDGE - We will NEVER rent, sell, or give away your e-mail address to anyone for any reason. You can unsubscribe from The 5 Minute WrapUp with a few clicks. Please read our Privacy Policy & Terms Of Use.

The company will buy back up to 11,30,43,478 crore shares aggregating up to 4.92% of the paid-up equity capital via tender route at a price of Rs 1,150.

At the time of writing, Infosys share price was trading down by 0.7%.

Speaking of share buybacks, many buybacks, mainly from the IT sector are set to hit a new record this financial year. As per Prime Database, in the first five months of FY18, at least twenty companies have offered to buy back shares worth Rs 480 billion. This is evident in the chart below:

Share Buybacks on Record Spree

As per Rahul Shah, co-head of Research, investors should not assume buybacks are always good. Here's an excerpt of what he wrote in a recent edition of The 5 Minute Wrapup:

  • The reason behind the buyback must be investigated. At the end of the day, an increase in earnings should be more a function of the inherent robustness of the business, as that's what will help it continue to grow at a healthy pace.

The topic also brings us to ask: Do buy-backs offer an arbitrage opportunity for retail investors? Ankit Shah has answered this question in a recent edition of Equitymaster Insider. You can access the issue here.

In other news, as per an article in the Economic Times, the government is considering to advance the date of the presentation of the Budget by a fortnight or so.

However, it is unlikely to change the financial year to January-December, for which the proposal was in consideration. This is because the newly implemented Goods and Services Tax (GST) will take some time to settle down and accordingly change in financial year at this juncture will add more complexity.

This year, the government had presented the Budget on February 1, ending the decades-old practice of presenting the annual exercise in the last week of February. India currently follows April-March financial year and till now the government used to present its Budget proposals on February 28.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "Indian Indices Continue Downtrend; Telecom Sector Down 1.4%". Click here!

  

Views on News

ITI Mid-Cap Fund: Investing in Potential Midcap Companies for Growth (Outside View)

Feb 26, 2021

PersonalFN analyses the features of ITI Mid-Cap Fund and explains the potential this fund has to offer to its investors.

NSE Glitch: Why Did the Market Go Up? (Fast Profits Daily)

Feb 26, 2021

In today's video, I'll discuss why thew stock market went up on Wednesday, 24 February 2021, when the NSE had to shut trading due to a technical glitch.

My Personal Checklist for Your Trading Success (Profit Hunter)

Feb 26, 2021

You my personal trading checklist and you will be well on your way to making it big as a trader.

Make Rs 5,000 Per Day Trading the Market (Fast Profits Daily)

Feb 25, 2021

In this video, I'll show you how to get started on the path to daily trading profits.

Refresh Your Investment Portfolio in 2021 to Align with Your Financial Goals (Outside View)

Feb 25, 2021

Timely review of your investment portfolio is the key, to enable stable returns and work towards your envisioned financial goals during various market phases.

More Views on News

Most Popular

It's the Beginning of a New Bull Phase in Smallcaps (Profit Hunter)

Feb 24, 2021

Last time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.

Intraday Trading for a Living (Fast Profits Daily)

Feb 15, 2021

In this video, I'll cover your queries on intraday trading and also share my view on how to decide stop losses and target prices.

Top 5 Stocks Mutual Funds Bought and Sold in January 2021 (Sector Info)

Feb 16, 2021

A look at what India's top equity mutual funds bought and sold in January 2021.

I Would Recommend this Small-cap Stock Over Tesla (Profit Hunter)

Feb 16, 2021

Do you enjoy reading Tesla and Bitcoin stories? Here's a not so famous small-cap stock to profit from the rise of EVs.

More

India's #1 Trader
Reveals His Secrets

Secret To Increasing Your Trading Profits Today
Get this Special Report,
The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Feb 26, 2021 (Close)

MARKET STATS