Stocks

Sensex slumps 351 points; Infosys, leads the fall

PTI Mumbai | Updated on November 09, 2017 Published on January 13, 2011

Worried investors looks at electronic display board of BSE at Dalal Street as the Sensex slumped 351 points on Thursday, on fears of interest rate hike and disappointments over Infosys Q3 earnings. - Paul Noronha   -  BL

Wiping off yesterday’s gains, the BSE benchmark Sensex on Thursday plunged to 4-month low, losing over 351 points to about 19,183, on profit booking after software major Infosys posted lower-than-expected quarterly results.

Besides, investors remained wary of possible interest rate hike in view of high inflation. The Bombay Stock Exchange benchmark Sensex, which had gained 337 points in the previous session, fell back by 351.28 points to 19,182.82 in a volatile trade.

Similarly, the broad-based National Stock Exchange index Nifty lost 111.35 points to 5,751.90 after touching a low of 5,736.70.

Trading sentiment remained bearish on fears of hike in interest rates to curb rising inflation, and the weak trend was fanned by the IT bellwether Infosys Technologies’ quarterly earnings which were below market expectations.

While banking stocks led the fall on fears that interest rate hike might reduce the lending and earnings, the IT sector was the second biggest loser as the second-heaviest on the index, Infosys, lost the most in 20 months by dropping Rs 162.65 to Rs 3,212.30.

Easing of food inflation to 16.91 per cent, for the week ended January one, from 18.32 per cent in the previous week failed to enthuse the market sentiment.

All sectoral indices closed with heavy losses. The banking sector suffered the most by losing 3.53 per cent to 12,170.03, followed by the IT index by 4.31 per cent to 6,444.77. Tech index also lost 2.76 per cent to 3,830.87.

ICICI Bank, the second-largest lender lost Rs 41.50 to Rs 1,027.40, HDFC Bank by Rs 63.90 to Rs 2,142.15 and State Bank of India by Rs 104.10 to Rs 2,560.65.

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Published on January 13, 2011
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