Sensex down 322 points; IT stocks slump (Roundup)

A benchmark index of Indian equities markets Thursday plunged 321.94 points, or 1.31 percent, on expiry of May derivatives contracts.

Profit-booking took place ahead of March quarter economic growth data due on Friday and the Reserve Bank of India's (RBI's) bi-monthly monetary policy review due June 3.

Heavy selling was seen in IT, capital goods, banking, oil and gas, technology, media and entertainment (TECK) and metal stocks.

The stocks of IT, software engineering and outsourcing services company Infosys fell 7.81 percent in the wake of the resignation of its president and board member B.G. Srinivas Wednesday.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 24,523.13 points, ended the day's trade at 24,234.15 points -- down 321.94 points or 1.31 percent from the previous day's close at 24,556.09 points.

The Sensex touched a high of 24,528.20 points and a low of 24,206.50 points in trade.

The S&P BSE IT index dropped 299.79 points, capital goods index tanked by 222.77 points, bankex plunged by 155.79 points, oil and gas index slipped by 180.75 points, TECK index slid by 144.79 points and metal index lost 107.46 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) ended trade 94 points or 1.28 percent down at 7,235.65 points.

Major Sensex gainers were: Hindalco Industries, up 1.43 percent at Rs.149.25; Mahindra & Mahindra, up 1.38 percent at Rs.1,178.35; and Dr.Reddy's Laboratories, up 1.32 percent at Rs.2,377.70.

Major Sensex losers were: Infosys, down 7.81 percent at Rs.2,924.30; ONGC, down 2.65 percent at Rs.374.65; Wipro, down 2.63 percent at Rs.500.20; Bharat Heavy Electricals Limited, down 2.23 percent at Rs.243.45; Cipla, down 1.80 percent at Rs.372.95; and Coal India, down 1.77 percent at Rs.373.60.

Among the Asian markets, Japan's Nikkei closed 0.07 percent up; while China's Shanghai Composite Index was lower by 0.47 percent and Hong Kong's Hang Seng was down by 0.30 percent.

In Europe, London's FTSE 100 was trading 0.24 percent up, while Germany's DAX Index was lower by 0.08 percent and the French CAC 40 Index was down by 0.17 percent.