Sensex loses 310 pts on Infosys,inflation

Sensex closed lower,hurt by a disappointing Infosys Q4 result and inflation raising rate hike fears.

The BSE Sensex fell 310 points to 19,386.82 on lower-than-expected Infosys results for the fourth quarter,while higher-than-projected inflation numbers further fuelled investor fears of hike in interest rates.

Infosys Technologies,which has the second heaviest weightage in the 30-share BSE index,was the top loser from the Sensex pack,falling 9.59 per cent and dragging down the index by nearly 195 points.

The company’s consolidated Q4 net profit growth of 13.62 per cent was below market expectations,analysts said.

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Besides,rise in inflation to 8.98 per cent in March,from 8.31 per cent in the previous month impacted the market sentiment negatively.

The Bombay Stock Exchange Sensex moved between 19,700.96 and 19,337.12 before concluding the day at 19,386.82,a net loss of 310.04 points or 1.57 per cent.

In the previous session,it had gained 434.32 points or 2.25 per cent.

The NSE 50-share Nifty also tumbled by 86.95 points or 1.47 per cent to 5,824.55.

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Besides Infosys Tech,other counters like Wipro,DLF,ICICI Bank,HUL,HDFC,TCS and Maruti Suzuki contributed to the Sensex fall.

“Early market sentiment was affected by tepid results from IT bellwether Infosys. Muted FY12 guidance from Infosys sent the IT stocks reeling downwards,” said Bonanza Portfolio Ltd’s Senior Research Analyst (Equity) Shanu Goel.

“Selling was further fuelled by comparatively higher monthly inflation data for March. Inflation,nearing 9 per cent,had a negative impact on the interest rate sensitive stocks like banks and real estate stocks,” Goel added.

The stolen collection, valued at roughly €88 million ($102 million), included two crowns, two brooches, two necklaces (one of emeralds and one of sapphires), a pair of earrings, and a single earring (AP Photo)

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