Sensex down 54 points on Infosys guidance cut; stock tanks 5%
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After opening in the green by over 225 points, the benchmark BSE Sensex in a volatile trade pared all of its early gains and fell by over 50 points after IT bellwether Infosys slashed guidance for the fiscal despite posting 9.8% in profit for the second quarter.
Massive selling in IT and tech sectors, down 1.22% and 0.90%, respectively, after Infosys posted result for July-September quarter pulled down Sensex from day's high. The 30-share index was down by 54.60 points or 0.20 per cent to 27,024.91, with stocks of IT and teck sectors falling the most. The gauge had gained 233.70 points in Friday's session.
Earlier, the index had opened in the green on optimistic buying by participants ahead of key macroeconomic data IIP and inflation, to be released later in the day, brokers said. Similarly, the National Stock Exchange index Nifty was down by 17.75 points, or 0.21%, to 8,171.95. Shares of Infosys plunged by 5.04% to Rs 1,108.90 in in morning trade after the company gave a revenue guidance to 13.1% - 15.1% in rupee terms for financial year 2016.
Country's second largest software services firm Infosys posted a 9.8% jump in consolidated net profit to Rs 3,398 crore for the quarter ended September 30, 2015. The Bangalore-based firm had reported a net profit of Rs 3,096 crore in the year-ago period, it said in a BSE filing. Among other Asian markets, Hong Kong's Hang Seng gained 1.29%, while Shanghai Composite index rose 3.43 percent in early trade today. Financial markets in Japan are closed today for a national holiday.
The US Dow Jones Industrial Average ended 0.20% higher in Friday's trade.
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