Sensex plunges 340 pts on global cues; Infosys climbs 6.68%
Mumbai: The BSE benchmark Sensex today fell nearly 340 points, its biggest fall in over two weeks, due to across-the-board losses in bluechips amid a global sell-off on economic growth concerns, although software firm Infosys Ltd surged 6.68 per cent on smart Q2 earnings.
The 30-share barometer, which had gained 390.49 points yesterday, fell by 339.90 points, or 1.28 per cent, to 26,297.38, with all the sectoral indices, except IT and Teck, ending in negative zone with losses up to 4 per cent.
On similar lines, the National Stock Exchange index Nifty struggled to maintain the 7,900-mark and ended 100.60 points, or 1.26 per cent, down at 7,859.95 after dipping to 7,848.45 during the session.
Brokers said besides profit-booking by speculators, a lower closing on other Asian markets and a subdued opening of the european mkarkets on growing concerns about the global economy as the head of the IMF warned that Euro-zone could slip into recession, influenced the trading sentiment here.
They said, however, rally in Infosys on the back of good second quarter earnings, cushioned the fall in the benchmark Sensex.
Shares of IT major Infosys surged 6.68 per cent to close at 3,888.95 after the company posted 28.6 per cent jump in consolidated net profit for the quarter ended September 30, and declared bonus issue in the ratio of one share for every share held.
Of the 30 Sensex shares, 23 shares ended with losses led by Tata Motors (down 5.3 per cent), Hindalco (4.79 per cent) and Sesa Sterlite (4.60 per cent).
Sectorwise, the metal index suffered the most by losing 4.11 per cent, followed by auto index by 2.78 per cent, FMCG index 2.56 per cent, Banking index closed 1.80 per cent lower.
Bucking the trend, IT index rose 2.29 per cent, while Teck index gained 1.17 per cent.
Meanwhile, provisional data released by stock exchanges showed foreign portfolio investors (FPIs) sold shares worth a net Rs 20.89 crore yesterday.