Indian share markets slip in red

Mon, 3 Jun 11:30 am

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Indian share markets have slipped in red during the previous two hours of trade. IT and healthcare sectors are leading the gains while auto and oil and gas are facing the maximum selling pressures.

The BSE-Sensex is down by 113 points and NSE-Nifty is down by 38 points. BSE Mid Cap index is up by 0.1% while BSE Small Cap index is flat. The rupee is trading at 56.56 to the US dollar.

All but two IT shares, Infosys Ltd and Oracle Financial Services are trading in red. Infosys, the country's second largest software company has re-appointed N R Narayana Murthy as its executive chairman with effect from June 1, 2013. K V Kamath would step down from his position as Chairman of the Board and take up the position of Lead Independent Director with effect from June 1, 2013. Murthy's election as a Director would be placed for the consideration of the company's shareholders in the Annual General Meeting (AGM) on June 15, 2013. Subject to his election as a director at the AGM, the Board would take up in its meeting on June 15, 2013, the resolutions for convening an extraordinary general meeting, in order to seek approval from the shareholders for appointing him as the Executive Chairman and Whole-time Director for a period of five years commencing on June 1, 2013. In order to function more effectively Narayana Murthy intends to create the Chairman's office to assist him during his tenure and has requested the Board to permit him to put together a team for this function. The team would include his son, Rohan Murthy, as Narayana Murthy's executive assistant.

PSU banks shares are trading on a mixed note with Bank of Baroda and Punjab and Sind Bank leading the gains while UCO Bank and Bank of Maharashtra are leading the losses. Private Banks shares are also trading on a mixed note with Yes Bank and J&K Bank leading the gains while South Indian Bank and Indusind Bank are leading the losses. According to a leading financial news medium, State Bank of India (SBI), the country's largest lender is planning to offer funds to Indian companies looking to use Mauritius as a gateway for investments in Africa. SBI Mauritius, a foreign subsidiary of SBI, began operations as a joint venture with the country's local banking major, State Bank of Mauritius (SBM). With this initiative, the company aims to boost its expansion plans. The bank has 15 branches and 19 ATMs in this small island nation. It operates in both offshore and local banking segments, servicing retail, corporate and SME clients. The same financial news medium also reports that ICICI Bank, country's largest private sector lender is working on a plan to offer exclusive lending facility for businesses and people working in the areas of clean energy and energy efficiency. The bank will be the first bank among all other banks in the country, which is taking this pro-environment initiative. SBI's share is trading up by 0.4%. ICICI Bank's share is trading down by 1%.