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DHFL Slumps 10%; Infy Jumps 4% As Markets Open Higher

Sunil Fernandes

Benchmark indices opened the higher on the back of solid gains in Infosys Technologies, which reported good numbers post market closing on Friday.

The Sensex was trading with gains of 164 points, with Infosys contributing heavily to these gains. The stock was up 4.37 per cent at Rs 758, with many analysts giving a "buy" call on the stock. However, DHFL slumped 10 per cent and was locked at the lower end of the circuit filter.

Dewan Housing Finance Corp Ltd, warned on Saturday that its financial situation was so grim that it may not survive. The company said it was "undergoing substantial financial stress" and its ability to raise funds was "substantially impaired and the business has been brought to a standstill with there being minimal/virtually no disbursements." Banks that have lent to the Housing finance company also saw a fall in their share prices. Among the notable losers were SBI and Punjab National Bank.

Karnataka Bank saw a jump in its share price, after the company reported a record set of profits. The shares were last trading at Rs 102 a piece.

Meanwhile, most Asian markets were trading with losses, as China posted its lower growth in 27 years. China's economy grew 6.2% in the second quarter from a year ago, the country's statistics bureau said on Monday. This led to a decline in most Asian markets.

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