Stock markets continued to fall for the second consecutive week shedding another 208 points due to a sharp fall in Sensex-major Infosys and sustained selling by foreign institutional investors.
Infosys crashed nearly 20 per cent due to disappointing Q4 results and a weak revenue forecast for this fiscal.
Sustained selling by FIIs, the main market mover, is one of the main reasons behind the recent downslide. FIIs sold shares worth Rs 587.19 crore during the week, including the provisional figure of April 12.
Hit by growth concerns fanned by weak Infosys guidance, other IT companies too suffered losses. As a result S&P BSE- IT index dropped sharply by 10.26 per cent and was the top loser from the sectoral indices.
Infosys, the country’s second largest software exporter, forecast a revenue growth of 6-10 per cent for this fiscal, lower than IT industry body Nasscom’s estimate.
The decline was in contrast to fall in retail inflation in March and factory output growth of 0.6 per cent in February.
The BSE barometer Sensex resumed the week slightly higher at 18,455.80 and moved up further to 18,599.14 on select buying. However, it declined immediately to a seven-month low to 18,173.31 before ending the week at 18,242.56, showing a fall of 207.67 points or 1.13 per cent.
It has lost 593.21 points or 3.15 per cent in two weeks. Previously, it had settled at 18,021.16 on September 13, 2012.