Sensex plunges 294 points in early trade; Infosys tumbles 18%

The BSE benchmark Sensex on Friday fell sharply by 294 points in early trade mainly due to widespread losses in IT-sector stocks after Infosys forecast lower-than-expected sales for fiscal 2013-14.

Besides, a mixed trend in the global markets also influenced the trading sentiment in Mumbai.

The 30-share index declined by 294.59 points, or 1.59%, to 18,247.61, with stocks of IT, teck, realty, consumer durables and auto sectors leading the fall. The gauge had gained nearly 316 points in the previous two sessions.

Similarly, the wide-based National Stock Exchange index Nifty declined by 76.50 points, or 1.37%, to 5,517.50.

Selling activity triggered, particularly in technology stocks, after IT major Infosys said its revenues to grow at 6-10%, lower than Nasscom estimate, in 2013-14.

In February this year, software industry body Nasscom said information technology and IT-enabled services sectors are expected to grow 12-14% in 2013-14 fiscal.

Traders said a mixed trend in the Asian region also influenced the sentiments.

Shares of Infosys nosedived to 18.47% to Rs2,379 in early trade.

Infosys on Friday reported a 3.3% increase in its consolidated net profit to Rs2,394 crore for the quarter ended March 31, 2013.

Other IT stocks which also suffered losses were TCS by 2.56% to Rs1,496.50 and Wipro by 4.57% to Rs383.90.

In the Asian region, Hong Kong's Hang Seng index was up by 0.15%, while Japan's Nikkei Index shed 0.52% in the morning trade on Friday.

The US Dow Jones Industrial Average ended 0.42% higher in Thursday's trade.

Copyright:http://www.dnaindia.com/money/1821594/report-sensex-plunges-294-points-in-early-trade-infosys-tumbles-18pct

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