Sensex plunges 294 pts in early trade; Infosys tumbles 18pc

The BSE benchmark Sensex today fell sharply by 294 points in early trade mainly due to widespread losses in IT-sector stocks after Infosys forecast lower- than-expected sales for fiscal 2013-14.
Besides, a mixed trend in the global markets also influenced the trading sentiment here.
The 30-share index declined by 294.59 points, or 1.59 per cent, to 18,247.61, with stocks of IT, teck, realty, consumer durables and auto sectors leading the fall. The gauge had gained nearly 316 points in the previous two sessions.
Similarly, the wide-based National Stock Exchange index Nifty declined by 76.50 points, or 1.37 per cent, to 5,517.50.

Selling activity triggered, particularly in technology stocks, after IT major Infosys said its revenues to grow at 6-10 per cent, lower than Nasscom estimate, in 2013-14.
In February this year, software industry body Nasscom said information technology and IT-enabled services sectors are expected to grow 12-14 per cent in 2013-14 fiscal.

Traders said a mixed trend in the Asian region also influenced the sentiments.
Shares of Infosys nosedived to 18.47 per cent to Rs 2,379 in early trade.
Infosys today reported a 3.3 per cent increase in its consolidated net profit to Rs 2,394 crore for the quarter ended March 31, 2013.

Other IT stocks which also suffered losses were TCS by 2.56 per cent to Rs 1,496.50 and Wipro by 4.57 per cent to Rs 383.90.
In the Asian region, Hong Kong's Hang Seng index was up by 0.15 per cent, while Japan's Nikkei Index shed 0.52 per cent in the morning trade today.
The US Dow Jones Industrial Average ended 0.42 per cent higher in yesterday's trade.