Inflation, Infosys Drag Sensex Down By 310 Points

Inflation, Infosys Drag Sensex Down By 310 PointsIndian stock markets remained weak on Friday as feeble worldwide signals and lower-than-projected Infosys Technologies outcomes hit overall reactions.

Accordingly, the BSE Sensex slipped 310 points to end the abbreviated week at 19,387 whilst the broad-based Nifty shut its shop after shedding 87 points at 5,825.

Infosys quarterly outcomes also marked a dissatisfactory beginning to the earnings period, dealers said.

On Friday, the 30-share index Sensex belled the day on a flat note but began losing ground shortly after Infosys declared its outcomes.

The index dipped further after WPI figures for March were declared by the administration, which, at 8.98%, was much greater than what was approximated by the economic experts.

Infosys declined 9.6% during the day's session to end at Rs 2,989. The day's fall in the scrip was the largest in the counter in almost two years.

Outcomes and watchful guidance by Infosys also frightened other technology scrips with the BSE IT index ending 6.4% down.

Among the other software scrips, Wipro ended 5% down at Rs 450 whereas TCS shed 1.5% to Rs 1,191 and HCL Tech dipped 3% to Rs 482.

The surge in the inflationary rate, on the other hand, took its toll on segments that are susceptible to rates of interest in the financial system.

BSE's realty index shut 1.2% down whereas the banking index lost 1%.

In the Sensex pack, the major losers' list comprised DLF, which dropped 2.4%, ICICI Bank fell 2.4% and HUL lost 1.8%.

By the coming week, market players remarked HDFC Bank will declare its quarterly numbers on Monday whereas TCS will declare its outcomes on Thursday.

Like the existing week, the upcoming week is also a shortened week with Friday being a trading holiday because on Good Friday.