23 Aug , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic headline indices opened deep in the red but bulls fought back and regained control on Dalal Street. S&P BSE Sensex added 200 points or 0.36% to near 59,000 mark while NSE Nifty 50 index rose 70 pints or 0.41% to breach 17,550. Bank Nifty was above 38,500, while India VIX traded flat, holding above 19 levels. IT stocks were the top laggards with Infosys, Tech Mahindra and HCL Tech being the worst performing Sensex stocks. Bajaj Finserv was the top gainer, up 2.8%, accompanied by M&M, Tata Steel, and Sun Pharma.
Amid pressure on margins, Information Technology behemoth Infosys has joined a list of firms in the IT sector that have reduced the variable payout for employees. Infosys informed its employees in a letter that the average variable payout for Q1 FY23 is 70% at an organisation level. Infosys’ operating margin narrowed to 20.1% in Q1FY23 compared to 23.7% in the same quarter of the previous year and 21.5% in Q4FY22. Earlier this year, Infosys had said that keeping inflation and supply tightness in mind salary increases across all geographies this year were higher than historical levels. Leading IT services firms have either deferred or reduced the variable payout for the employees as pressure on margins is mounting.
Infosys share price on Tuesday fell over 2% on NSE. The drop in share price comes after it was reported that Infosys has reduced the variable payout for employees to about 70% for the first quarter of FY23, a trend seen across the industry, due to pressure on margins, high employee costs.
Sensex and Nifty trimmed all losses to turn positive on Tuesday morning as investors went bottom fishing on Dalal Street. Sensex was trading flat with a positive bias along with Nifty 50.
Sensex fell more than 350 points or 0.65% on Tuesday's opening bell as bears remained in control on Dalal Street. Nifty 50 index was below 17400, falling 0.6%.
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