Sensex plunges over 300 points; Infosys tumbles 20%

Zeebiz Bureau

Mumbai: The BSE benchmark Sensex on Friday fell sharply by over 300 points 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 here.

The 30-share index declined by 319.27 points, or 1.72 percent, to 18,222.93, 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 percent, to 5,517.50.

Selling activity triggered, particularly in technology stocks, after IT major Infosys said its revenues to grow at 6-10 percent, 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 percent in 2013-14 fiscal.

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

Shares of Infosys nosedived to 19.53 percent to Rs 2,348.

Infosys today reported a 3.3 percent increase in its consolidated net profit to Rs 2,394 crore for the quarter ended March 31, 2013.

Other IT stocks which also suffered losses were TCS by 2.56 percent to Rs 1,496.50 and Wipro by 4.57 percent to Rs 383.90.

In the Asian region, Hong Kong's Hang Seng index was up by 0.15 percent, while Japan's Nikkei Index shed 0.52 percent.

The US Dow Jones Industrial Average ended 0.42 percent higher in yesterday's trade.

With PTI Inputs