Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
The scrip of Infosys continued to reel under pressure for the second consecutive session on Monday, falling 4.5 per cent, despite the company’s share buyback announcement.
Even after a positive opening, the stock failed to hold on the momentum and later slipped 4.39 per cent to hit its one-year low of Rs 882.55 on BSE.
On NSE, shares of the company went down by 4.55 per cent to Rs 881.15 — its 52-week low.
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The stock was the biggest loser among the blue chips on both the key indices during the morning trade.
Vishal Sikka’s surprise resignation as Infosys CEO threw the stock off-track as it had plummeted nearly 10 per cent in Friday’s trade also.
The company’s board on Saturday approved the share buyback plan of up to Rs 13,000 crore to reward shareholders.
The buyback price of Rs 1,150 per share was nearly 25 per cent higher than Friday’s closing of Rs 923.10 apiece.
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