Markets

Sensex tanks over 1,000 pts in early trade, Nifty around 17,200

Reuters | | Updated on: Apr 18, 2022

Crash in IT stocks after Infosys slid 9 per cent on missing March-quarter profit estimates has negatively impacted the stock market

Key stock market indices dropped early on Monday, hammered by a crash in IT stocks after Infosys slid 9 per cent on missing March-quarter profit estimates.

The NSE Nifty 50 index was down 1.54 per cent at 17,197.65, while the S&P BSE Sensex fell 1.76 per cent to 57,320.61 in the opening session. Both the indexes had posted weekly losses of more than 1.5 per cent each, last week.

Stock markets in India were closed on Thursday and Friday for public holidays.

India's number two software services provider Infosys slumped as much as 9.1 per cent to an eight-month low and was the top drag on the Nifty 50 index.

The firm's consolidated net profit for the March quarter was 56.86 billion rupees ($744.24 million), lower than analysts' expectation of 59.80 billion rupees.

Nifty's IT sub-index declined the most among major sub-indexes and was down nearly 4 per cent.

Meanwhile, several markets in Asia and Europe were closed on account of Easter on Monday. US equity futures, however, declined amid a deepening crisis in Ukraine.

Published on April 18, 2022
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