Sensex recoups losses, Nifty back above 8900; Infosys rebounds

Closing Bell: The market recovered from the day’s lows and closed almost flat. The Nifty regained its 8900-mark. However, the index posted its first weekly loss since January 22. Midcap stocks outperformed. The Sensex was down 7.34 points at 28832.45, while the Nifty was down 2.20 points at 8897.55. However, the market breadth was still marginally in the negative zone. About 1,389 shares had advanced, 1,442 shares had declined, and 174 shares remained unchanged.

Market Update: Benchmark indices recouped losses in last hour trade, with the Nifty getting back above 8900 level, supported by Infosys and Reliance Industries. The Sensex was down 3.64 points at 28836.15 and the Nifty gained 0.75 points at 8900.50.

Tata-DoCoMo truce: Tata Sons will split a dispute settlement payment of USD 1.18 billion owed to NTT DoCoMo over the Japanese firm’s exit from a telecoms joint venture, leaving it with about two-thirds of the amount to invest in India, a source said. Both companies are likely to approach India’s central bank within 15 days with a plan that will offer to split the payment into two parts, the source, who has direct knowledge of the matter, said. While Tata Sons will pay the fair value of DoCoMo’s 26 percent stake outside India, or roughly USD 390 million according to Reuters calculations, DoCoMo would need to invest the balance of USD 790 million in India, either for expansion or other joint ventures, the source added. It was not immediately clear how DoCoMo would use the money if the plan were formalised.