BSE Sensex crashes 294 pts,Infosys shares plunge 18%

The 30-share index declined by 294.59 points,or 1.59 per cent,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 NSE Nifty declined by 76.50 points,or 1.37 per cent,to 5,517.50.

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

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

Infosys shares nosedived to 18.47 per cent to Rs 2,379 in early trade.

Infosys today reported a 3.3 per cent 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 per cent to Rs 1,496.50 and Wipro by 4.57 per cent to Rs 383.90.

In the Asian region,Hong Kong’s Hang Seng index was up by 0.15 per cent,while Japan’s Nikkei Index shed 0.52 per cent in the morning trade today.

The US Dow Jones Industrial Average ended 0.42 per cent higher in yesterday’s trade.

GLOBAL MARKETS ROUNDUP

Nifty futures on the Singapore Exchange fell 0.11 percent,while the MSCI-Asia Pacific index excluding Japan was down 0.19 percent.

Asian shares edged lower while the yen faced fresh lows on Friday on the back of Bank of Japan’s liquidity injections.

U.S. stocks rose for a fourth straight day on Thursday,sending the Dow and the S&P 500 to new closing highs as positive data on the labour market and an encouraging retail outlook eased recent concerns about economic growth.

FACTORS TO WATCH

* Infosys FY2013 earnings

* February industrial output,March CPI (0630 GMT)

* Court to hear case filed by Sterlite Industries (India) Ltd over the closure of its copper smelter in Tamil Nadu.

* Indian unit of Japan’s Honda Motor Co Ltd unveils Amaze sedan (0800 GMT)

INDIAN STOCKS TO WATCH

Focus on sales,not margins,drives Infosys turnaround Reuters.

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World Bank says to lend India up to $5 billion a year.

Berger Paints India sets floor price for share sale at 185 rupees/shr.

Indian gold ETF growth slows to 18 pct in FY13.

Singh,Merkel say EU and India move closer to free trade deal.

Netwrok18 group arm Capital18 may sell Colosceum stake.

NSE plans to go global through partnerships.

Dr Reddy’s Labs recalls muscle relaxant drug from US market.

AB Nuvo plans to invest 80 bn rupees in financial services,fertiliser business.

Union Bank of India to raise $500 mn via medium term notes.

Ikea understated FY09 profit by 85 pct,says I-T.