The markets have shed considerable ground in early trades on the back of dis-appointing numbers from Infosys. The IT major reported slower growth, much lower than the consensus estimates. The Sensex which opened on a rather tepid note, has seen a sharp cut and is now down 217 points at 19,480.
The NSE Nifty has declined 50 points to 5,851.
The BSE IT index has dropped nearly 4%. Infosys has now tumbled nearly 7% to Rs 3,080. Wipro has plunged 4.5% to Rs 452, and TCS has declined 2% to Rs 1,185. HCL Tech has also lost considerable ground.
Hero Honda up 2%,Bharti Airtel and Hindalco up 1% each are the major gainers among the Sensex- 30 stocks. ICICI Bank, HDFC, ITC and Tata Motors are the other noteable gainers.
The market breadth is negative. Of the total 1887 stocks traded on the BSE, 921 stocks have declined while 894 advanced.
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(Updated at 0920 hrs)
The markets have opened flat with the Sensex down 19 points and the Nifty losing six points at 5,905. However, the broader markets appear stronger with the smallcap index and the midcap index up 0.2% each outperforming the BSE benchmark index, down 0.3%
Among the major loser in the morning trades is Infosys, down 4% at 3,181. The company posted their Q4 results this morning. The company posted a net profit rise of 13.62% y-o-y to Rs 1,818 crore for the fourth quarter ended March 31, 2011 as compared to Rs 1,600 crore in the corresponding quarter a year ago.